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SOMALIA EMBARKS ON COMPREHENSIVE ANTI-MONEY LAUNDERING FRAMEWORK

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In a significant move to combat financial crimes, Somalia has established a comprehensive Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. The initiative is aimed at building a robust system that aligns with international standards, ensuring the country’s financial sector remains clean and secure.

A New Era for Somalia’s Financial Sector

At the helm of this effort is the National Anti-Money Laundering and Countering the Financing of Terrorism (NAMLC) Committee, tasked by the 2016 AML/CFT Act to provide policy guidance and set strategies for Somalia’s AML/CFT regime. Led by the Minister of Finance, the committee has been working tirelessly to engage human and technical resources to establish a robust framework.

The NAMLC Committee’s Vision

According to officials, the NAMLC Committee’s vision is to create an effective, responsive, and adaptive AML/CFT system that prevents money laundering (ML) and the financing of terrorism (FT). The committee’s mission is centered on cooperation, coordination, and information exchange among members to promote prevention mechanisms for combating ML/TF in all of Somalia.

A Significant Milestone for Somalia

This pioneering law has marked a significant milestone for Somalia, as it criminalizes money laundering and the financing of terrorism for the first time. As the country takes strides towards implementing this framework, experts predict that it will have a positive impact on the financial sector, making it more secure and transparent.

Expected Benefits

The establishment of this comprehensive AML/CFT framework is expected to enhance Somalia’s international reputation, attract foreign investment, and promote economic growth in the region.