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Somalia’s Progress in Institutional Development and Anti-Money Laundering/Counter-Terrorism Financing

The Financial Reporting Centre (FRC) in Somalia has been actively working towards strengthening its institutional development and anti-money laundering (AML)/counter-terrorism financing (CTF) frameworks. The following are key points summarizing the progress made:

Institutional Development

Consultation Meeting with Somali Security Sectors

  • The FRC held a consultation meeting to draft a terrorist financing risk assessment.
  • This meeting aimed to gather input from relevant stakeholders and ensure that the assessment is comprehensive and effective.

Evaluation of AML/CFT Framework

  • An evaluation will assess Somalia’s AML/CTF framework, evaluating its effectiveness in combating financial crimes and terrorism financing.
  • The evaluation will provide a detailed analysis of the strengths and weaknesses of the current framework, identifying areas for improvement.

Training and Capacity Building

National Anti-Money Laundering Committee Chairperson meets with NAMLC Task Force and Mutual Evaluation Preparation Taskforce

  • The Minister of Finance, who chairs the National Anti-Money Laundering Committee (NAMLC), led a meeting to discuss priorities and tasks for the task force.
  • This meeting aimed to ensure that all stakeholders are aligned on the goals and objectives of the evaluation process.

Training on MENA-FATF Mutual Evaluation and Mock Examination

  • A week-long training session was conducted in Nairobi by the World Bank, preparing Somalia’s competent authorities for the MENA-FATF Mutual Evaluation.
  • This training provided participants with a comprehensive understanding of the evaluation process and the requirements necessary to prepare for the assessment.

AML/CFT Awareness and Training Program for NAMLC Staff

  • The FRC conducted a capacity-building program for the staff of the NAMLC.
  • This program aimed to enhance the knowledge and skills of NAMLC staff in AML/CTF awareness, ensuring that they are equipped to effectively implement the evaluation recommendations.

Key Takeaways

  • The FRC and associated stakeholders are actively working to fortify Somalia’s defenses against terrorist financing and contribute to the country’s overall security and stability.
  • The evaluation of Somalia’s AML/CTF framework will assess its effectiveness in combating financial crimes and terrorism financing.
  • Capacity-building programs, such as the training on MENA-FATF Mutual Evaluation and Mock Examination, are essential for preparing competent authorities to respond effectively to the assessment.