Financial Crime World

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Financial Reporting Center (FRC) in Somalia

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The Financial Reporting Center (FRC) plays a crucial role in combating money laundering and terrorist financing in Somalia. This article summarizes its institutional development based on the 2020 Annual Report.

Key Highlights

  • AML/CFT Act 2016: The Somali parliament passed the Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT) in 2016, prioritizing AML/CFT as a government objective.
  • National AML/CFT Committee: The National Anti-Money Laundering and Financing Terrorism Committee (NAMLC) is responsible for developing a national AML/CFT strategy, providing funding for capacity building, and setting strategic priorities for the FRC.
  • Taskforce: An AML/CFT Taskforce was created to operationalize and enforce NAMLC directives, focusing on identifying, analyzing, and mitigating ML/FT risks and threats.

Key Responsibilities of the Financial Reporting Center (FRC)

  • Analysis of suspicious financial activities
  • Investigation of financial crimes
  • AML/CFT risk assessment
  • Issuing regulations and guidelines for reporting entities

Vision and Mission

The FRC aims to become a trusted and exemplary agency in support of a robust financial system hostile to financial crimes. This goal will help rebuild Somalia’s financial system and restore its credibility in global financial networks.

International Obligations

The FRC contributes to building an environment in Somalia that identifies and eradicates money laundering and terrorist financing, fulfilling Somalia’s international obligations (FATF’s 40 recommendations) to combat money laundering and terrorist financing.