Somalia Takes Steps to Enhance AML/CFT Compliance with Establishment of National Committee

Somalia has taken a significant step towards strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime by establishing the National Anti-Money Laundering Committee under Article 24 of the AML/CFT Act of 2016.

Overview

The committee is responsible for overseeing and implementing effective measures to prevent and detect money laundering and terrorist financing activities in the country. This marks a significant milestone in Somalia’s efforts to improve its financial sector governance and compliance.

Collaboration with International Organizations

The committee will work closely with international organizations such as:

• FATF (Financial Action Task Force)
• GAFI (Groupe d’Action Financière Internationale)
• MENAFATF (Middle East and North Africa Financial Action Task Force)
• EGMONT GROUP (European Union’s Financial Intelligence Unit)
• FSV (French Supervisory Authority for Financial Markets)
• UNODC (United Nations Office on Drugs and Crime)
• INTERPOL (International Criminal Police Organization)

These collaborations will ensure that Somalia’s AML/CFT framework aligns with global standards and best practices.

Enhancing Transparency and Accountability

The establishment of the National Anti-Money Laundering Committee is seen as a crucial step towards enhancing transparency and accountability in Somalia’s financial sector, which has historically been vulnerable to illicit activities. The committee will work closely with the Ministry of Finance to implement new regulations aimed at improving governance and compliance in the country’s financial institutions.

Contact Information

For more information on Somalia’s AML/CFT efforts, please contact:

• National Anti-Money Laundering Committee: info@namlc.gov.so
• Visit their website for more details.