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Somalia Takes a Major Step Forward in Fighting Financial Crime with Establishment of National AML/CFT Committee

In a significant move to combat financial crime, Somalia has established the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee. This committee is tasked with providing policy guidance and setting strategies for the country’s AML/CFT regime.

About the NAMLC

The vision of the National AML/CFT Committee (NAMLC) is to build, sustain, and coordinate an effective, responsive, and adaptive AML/CFT framework consistent with international standards. The mission is to establish a comprehensive AML/CFT framework through the engagement of human and technical resources.

Objective

The objective of the NAMLC is to promote cooperation, coordination, and information exchange between members and prevent mechanisms for combating money laundering and terrorist financing in all Somalia.

Key Roles and Responsibilities

The committee, chaired by the Minister of Finance, will play a crucial role in setting the tone for Somalia’s AML/CFT regime. For the first time in Somalia, the new law criminalizes money laundering and the financing of terrorism, making it a major step forward in the country’s fight against financial crime.

Impact and Benefits

With the establishment of the NAMLC, Somalia is now better equipped to tackle the complex issue of financial crime, which has significant implications for national security, economic stability, and international relations. The committee’s efforts will also help to strengthen Somalia’s position as a responsible member of the global community and enhance its relationships with international partners.

Conclusion

The establishment of the NAMLC marks a major achievement in Somalia’s fight against financial crime, and it is expected that the committee will play a key role in promoting a safe and secure environment for economic growth and development.