Financial Crime World

Somali Government Steps Up Battle Against Financial Crime

Enhancing Cooperation with the Financial Reporting Centre

Mogadishu - In a significant move towards strengthening its fight against financial crime, Somalia’s Attorney General’s office has pledged to increase collaboration with the country’s Financial Reporting Centre (FRC) in a bid to combat money laundering and terrorist financing.

Key Areas of Focus

  • Completion of Mutual Evaluation Report (MER): The two parties have agreed to work closely together on completing Somalia’s MER by 2024, a crucial component of the country’s efforts to meet international standards set by the Financial Action Task Force (FATF).
  • National Risk Assessment (NRA) report: The NRA coordinator highlighted the challenges faced in collecting quality data and disseminating cases to increase successful prosecutions.
  • Collecting Quality Suspicious Transaction Reports (STRs): The two parties have agreed to work together on collecting quality STRs and increasing the number of successful prosecutions.

Strengthening Capacity-Building Programs

  • Training for law enforcement agencies: A key component of this effort will be the provision of training and capacity-building programs for law enforcement agencies.
  • Secondment from US Justice Department: An experienced investigator from the US Justice Department has been seconded to provide additional training for Somalia’s law enforcement agencies.

Key Commitments

  • Deputy Attorneys General assigned to FRC office: The Attorney General’s office has committed to assigning two deputy attorneys general to work part-time at the FRC office.
  • Regular meetings and support: The Attorney General’s team has pledged to continue working closely with FRC, attending regular meetings and providing support to help achieve the organization’s goals.

Significant Step Towards Combating Financial Crime

The move is seen as a significant step towards enhancing Somalia’s efforts to combat financial crime and improve its international reputation. As the country continues to work towards meeting FATF standards, this increased cooperation between law enforcement agencies will be crucial in achieving success.