Financial Crime World

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Oman’s NCFI Signs Memorandum of Understanding with Somali FRC

The National Center for Financial Information (NCFI) of Oman has signed a significant agreement with the Somali Financial Reporting Center (FRC). This Memorandum of Understanding (MOU) marks a major step towards enhanced cooperation between the two organizations in matters related to financial information.

Key Objectives of the MOU

The FRC and NCFI have agreed to work closely together on several key areas, including:

  • Anti-Money Laundering (AML): The MOU aims to enhance collaboration in AML compliance, ensuring that both organizations are better equipped to prevent and detect financial crimes.
  • Countering the Financing of Terrorism (CFT): The agreement also seeks to improve CFT compliance, thereby reducing the risk of terrorist financing activities.
  • Financial Reporting: The FRC and NCFI will work together to enhance financial reporting standards, ensuring that both organizations have access to accurate and reliable financial information.

Recent Activities

The FRC has been actively engaged in several initiatives, including:

  • Productive Meeting with Ziraat Bank: A meeting was held with Ziraat Bank to discuss AML and CFT compliance. The meeting aimed to strengthen the bank’s ability to prevent and detect financial crimes.
  • High-Level Consultation Meeting: A high-level consultation meeting was conducted for financial institutions on the preparation of the MENATAF Mutual Evaluation 2024. This meeting aimed to ensure that financial institutions are prepared for the evaluation process.
  • National Compliance Forum: The FRC held its third national compliance forum, which discussed crucial aspects of financial institutions’ properness in preparation for the country’s mutual evaluation.

Upcoming Events and Meetings

The FRC has several upcoming events and meetings scheduled:

  • MENAFATF 37th Plenary: The 37th Plenary of MENAFATF will take place in Nouakchott, Islamic Republic of Mauritania on December 4-5, 2023.
  • MENAFATF 36th Plenary: The 36th Plenary of MENAFATF will be held in Manama, Kingdom of Bahrain on May 23-25, 2023.
  • MENAFATF 35th Plenary: The 35th Plenary of MENAFATF took place in Rabat – Kingdom of Morocco on November 24-25, 2022.
  • MENAFATF 34th Plenary: The 34th Plenary of MENAFATF was held in Manama – Kingdom of Bahrain on May 24-25, 2022.

Conclusion

The signing of the MOU between Oman’s NCFI and Somalia’s FRC highlights the importance of cooperation between financial institutions and regulatory bodies to combat financial crimes and ensure compliance with international standards.