Financial Reporting Center (FRC) of Somalia: Combating Money Laundering and Terrorist Financing

The Financial Reporting Center (FRC) of Somalia plays a crucial role in preventing and combating Money Laundering and Terrorist Financing (ML/FT). Here are some key functions and responsibilities of the FRC:

Key Functions of the FRC

• Information Collection, Analysis, and Dissemination: The FRC is responsible for:
  • Receiving information from reporting entities
  • Requesting relevant information when needed
  • Analyzing the collected information
  • Disseminating it to relevant authorities
• Analysis of Suspicious Financial Activities:
  • Identifying potential ML/FT risks through suspicious financial transactions analysis
• Investigation of Financial Crimes: The FRC investigates financial crimes related to ML/FT
• AML/CFT Risk Assessment: Conducting AML/CFT risk assessments to identify potential risks and threats
• Regulations and Guidelines Issuance: The FRC issues regulations and guidelines for reporting entities to prevent ML/FT

Vision and Mission

The FRC strives to become a trusted and exemplary agency in support of a robust financial system hostile to financial crimes. Its vision is to help rebuild Somalia’s financial system and restore its credibility in the global financial networks.

By performing these key functions, the FRC plays a vital role in preventing and combating ML/FT in Somalia, contributing to a safer and more stable financial environment for all.