National Risk Assessment “NRA” Report 2022

National Risk Assessment “NRA” Report 2022

The Federal Government of Somalia Has Conducted and published its first National Risk assessment (NRA). The NRA will assist Somalia to understand ML/TF risks according to FATF R. 1.
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The final report of the Panel of Experts (the Panel) on Somalia (S/2021/849)

The final report of the Panel of Experts (the Panel) on Somalia (S/2021/849)

The final report of the Panel of Experts (the Panel) on Somalia (S/2021/849)
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Bushra Bank, CEO, Mr. Suleiman Abdella has paid visit to FRC

Bushra Bank, CEO, Mr. Suleiman Abdella has paid visit to FRC

Bushra Bank, CEO, Mr. Suleiman Abdella has paid a visit to the FRC compound and received a briefing from FRC on ongoing activities and programs.
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Somalia Financial Reporting Center (FRC) has signed MOU with United Arab Emirates – FIU

Somalia Financial Reporting Center (FRC) has signed MOU with United Arab Emirates – FIU

On 20th of May 2021, the Directors of Somalia FRC and UAE – FIU held a signing ceremony for Memorandum of Understanding (MoU) between Somalia Financial Reporting Center (FRC) and the United Arab Emirates Financial Intelligence Unit (UAE-FIU)  via Zoom.
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Prosecutors seconded to the FRC office to Support Serious financial crimes.

Prosecutors seconded to the FRC office to Support Serious financial crimes.

On April 10, 2021, representatives from the Attorney General’s office visited the FRC office, upon arrival, the AG office team was received by the FRC team and were given a quick office tour to familiarize the FRC structure and brief each other department’s task assigned. The visiting members with FRC senior executives come together in the FRC meeting room where the business of the day began.
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IMF Staff Visit Financial Sector Developments and Reforms (CBS and FRC)

IMF Staff Visit Financial Sector Developments and Reforms (CBS and FRC)

On April 07, 2021, IMF Staff visits virtual meeting regarding Somalia Financial Development and Reforms was held via zoom. The meeting was attended Central Bank of Somalia (CBS) and the Financial Reporting Centre (FRC) to share with IMF reform progress made during the period from the last IMF staff visit as part of reform benchmarks to achieve full Somalia debt relief.
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Guidance for applying a Risk-Based Approach to AML/CFT Supervision

Guidance for applying a Risk-Based Approach to AML/CFT Supervision

4 March 2021 - Supervisors play a crucial role in preventing money laundering and terrorist financing. They ensure banks, other financial institutions, virtual asset service providers, accountants, real estate agents, dealers in precious metals and stones, and other designated non-financial business and professions, understand the risks facing their business and how to mitigate them.
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Outcomes FATF Plenary, 22, 24 and 25 February 2021

Outcomes FATF Plenary, 22, 24 and 25 February 2021

Delegates representing the 205 members of the Global Network and observer organisations, such as the IMF, the United Nations and the World Bank, worked through a full agenda to strengthen global safeguards to detect, prevent and disrupt the financial flows that fuel crime and terrorism.
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MENAFATF 28th PLENARY MEETING
  • November 24, 2018
  • Beirut, Lebanese Republic
MENAFATF 29TH PLENARY MEETING
  • April 20, 2019
  • Amman, Hashemite Kingdom of Jordan
MUTUAL EVALUATION WORKSHOP
  • September 22, 2019
  • KUWAIT

Human Stories from Somalia's Financial Reporting Center Get to know the real people at FRC! frc.gov.so/aml-consultant/ pic.twitter.com/Zh2WhWW803

Financial Reporting Center (FRC)