Announcements:
FRC announces the new procedures for the approval process of physical cash transports from and into the country.
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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FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

As amended November 2020.The FATF conducts mutual evaluations of its members’ levels of implementation of the FATF Recommendations on an ongoing basis. These are peer reviews, where members from different countries assess another country. The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.
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Somalia steps up war against human trafficking

Somalia steps up war against human trafficking

Somalia has stepped up operations to fight against human trafficking despite lack of law to combat against human trafficking.The Director General of Immigration and Naturalization department of Somalia Mohamed Aden Kofi said the agency had dismantled an organized human trafficking network in the country last year.
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Somalia Govt Clamping Down Alshabaab & IS Financiers- DPM Guled

Somalia Govt Clamping Down Alshabaab & IS Financiers- DPM Guled

Somalia’s Deputy Prime Minister Mahdi Guled has said the government is making progress in halting money which is coming from other countries.
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MENAFATF 28th PLENARY MEETING
  • November 24, 2018
  • Beirut, Lebanese Republic
MA-F2F-Meeting_0
MENAFATF 29TH PLENARY MEETING
  • April 20, 2019
  • Amman, Hashemite Kingdom of Jordan
NAMLC Meeting_
THE FEDERAL REPUBLIC OF SOMALIA MEETING OF THE NAMLC
  • June 22, 2019
  • Mogadishu- Somalia
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MUTUAL EVALUATION WORKSHOP
  • September 22, 2019
  • KUWAIT
Physical Cash Transp..
Regulations
FRC Forum
Twitter
Somalia FRC
Somalia FRC
@somaliafrc

The training centered on the following main important areas: AML/CFT Act 2016, AML/CFT regulation, KYC/CDD, STR/LCTR, and ML/TF indicators. #MENAFATF #AML/#CFT #Somaliafrc pic.twitter.com/5DEqyqhmiA

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10:26 am · June 10, 2021
UN Sanction List

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https://scsanctions.un.org/consolidated
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https://sanctionssearch.ofac.treas.gov/

New Vacancy

Financial Reporting Center (FRC)

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