Financial Crime World

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Institutional Development of Somalia’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Regime

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Somalia has made significant progress in developing its AML/CFT regime, with key institutions and laws playing crucial roles. This article highlights the main points of Somalia’s institutional development in this area.

Key Institutions

National Anti-Money Laundering and Financing Terrorism Committee (NAMLC)

  • Oversees the AML/CFT regime in Somalia

Financial Reporting Centre (FRC)

  • Serves as Somalia’s Financial Intelligence Unit (FIU)

The 2016 Act

The 2016 Act is a cornerstone of Somalia’s AML/CFT regime. Key provisions include:

  • Defining money laundering and terrorism financing
  • Requiring institutions to report suspicious financial transactions
  • Stipulating information sharing among national intelligence and law enforcement agencies, national regulatory authorities, and other competent authorities

National AML/CFT Committee and Taskforce

NAMLC

  • Responsible for developing a national AML/CFT strategy
  • Provides funding
  • Sets strategic priorities for the FRC
  • Enhances domestic coordination

Taskforce

  • Operationalizes and enforces NAMLC directives
  • Ensures implementation of the AML/CFT law in a coordinated manner

Financial Reporting Centre (FRC)

The FRC is an independent national agency responsible for:

  • Receiving, requesting, analyzing, and disseminating information on money laundering and terrorist financing
  • Analyzing suspicious financial activities and investigating financial crimes
  • Conducting AML/CFT risk assessments
  • Issuing regulations and guidelines for reporting entities
  • Undertaking systematic collection and analysis of data associated with money transfers

Vision and Mission

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