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Somali Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT) 2016

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The Somali government has taken significant steps to combat money laundering and terrorist financing through the AML/CFT law passed in 2016. This landmark legislation prioritizes the prevention and detection of financial crimes, promoting a safer and more stable financial system.

Key Institutions Established under the Law

• National Anti-Money Laundering and Financing Terrorism Committee (NAMLC): responsible for developing a national AML/CFT strategy, providing funding for capacity building, and setting strategic priorities for the FRC.
• Financial Reporting Centre (FRC) as Somalia’s Financial Intelligence Unit (FIU): an independent agency responsible for receiving, analyzing, and disseminating information on money laundering and terrorist financing.

National AML/CFT Committee and Taskforce

The NAMLC consists of relevant stakeholders from government, regulatory bodies, and law enforcement agencies. Its key responsibilities include:

• Developing a national AML/CFT strategy
• Providing funding for capacity building
• Setting strategic priorities for the FRC

Financial Reporting Centre (FRC)

The FRC is an independent agency with a declared vision and mission to become a trusted and exemplary agency in support of a robust financial system hostile to financial crimes. Its key roles include:

• Systematic collection and analysis of data associated with money transfers
• Documenting suspicious transactions
• Providing strategic intelligence, statistics, and typologies to increase risk awareness

Annual Report 2020

Unfortunately, the provided text does not contain specific details on the Annual Report 2020.