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Financial Reporting Center (FRC)

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Institutional Development

The Financial Reporting Center (FRC) was established as Somalia’s Financial Intelligence Unit (FIU) to combat money laundering and terrorist financing. The FRC plays a crucial role in the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

Key Functions

Receiving, Requesting, Analyzing, and Disseminating Information

• The FRC receives reports from reporting entities.
• Requests information from other agencies.
• Analyzes suspicious transactions.
• Shares strategic intelligence with relevant stakeholders.

Investigating Financial Crimes

• The FRC investigates suspected money laundering and terrorist financing activities.

AML/CFT Risk Assessment

• The FRC conducts risk assessments to identify areas vulnerable to money laundering and terrorist financing.

Issuing Regulations and Guidelines

• The FRC develops and issues regulations and guidelines for reporting entities to comply with AML/CFT requirements.

Mission and Vision

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

Reporting Entities

Financial Institutions

• Banks
• Money service businesses
• Other financial institutions that are required to report suspicious transactions.

Designated Non-Financial Business and Professions (DNFBPs)

• Lawyers
• Accountants
• Real estate agents
• Other professionals who are required to report suspicious transactions.

International Cooperation

The FRC shares information with foreign FIUs on an FIU-to-FIU basis without a specific agreement, in accordance with international cooperation standards.