Financial Crime World

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Oman and Somalia Strengthen Financial Cooperation Against Money Laundering and Terrorism Financing

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The National Center for Financial Information (NCFI) of Oman has signed a significant Memorandum of Understanding (MOU) with the Somali Financial Reporting Center (FRC). This collaboration aims to enhance cooperation between the two institutions in sharing financial information, providing training, and combating money laundering and terrorist financing.

Key Points about the NCFI

  • Purpose: The primary objective of the MOU is to foster stronger ties between Oman’s NCFI and Somalia’s FRC in the realm of financial information and combating money laundering and terrorist financing.
  • Scope: The agreement encompasses several areas, including exchanging information, providing training opportunities, and cooperating on mutual evaluation exercises.
  • Benefits: This collaborative effort will contribute to improving the effectiveness of anti-money laundering (AML) and countering the financing of terrorism (CFT) measures in both countries.
  • Next Steps: The two institutions will work together to implement the agreement and ensure its successful execution.

Regional Cooperation Against Money Laundering and Terrorism Financing

The NCFI plays a vital role in Oman’s efforts to combat money laundering and terrorist financing. This MOU with the FRC represents an important step towards strengthening regional cooperation in this area, ultimately contributing to global security and stability.

Note:

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