Who we are

The Financial Reporting Center (FRC) is Somalia’s Financial Intelligence Unit (FIU), an independent and national center of expertise in the analysis of suspicious financial activities and the investigation of financial crimes.

FRC Vision:

• To become a trusted and exemplary agency in support of a robust financial system hostile to financial crimes

 FRC Mission:

• To help rebuild Somalia’s financial system and restore its credibility in the global financial networks

FRC Values:

In pursuit of the vision and mission, the attitude and conduct of the management and all staff of FRC will at all times be guided and bound by the following core values:

Confidentiality

• • FRC will protect the information between FRC, Reporting Entities, Competent Authorities, and other FIUs ensuring that information is not divulged to people who do not need to know about it, including co-workers, friends, family, and others.

Professionalism

• • FRC will ensure that staff members have qualities, skills, competence and behaviour required to bring desired results

 Integrity

• • FRC will ensure the quality of being honest and having strong moral principles

Transparency and Accountability

• • FRC will practice the principle of doing things in an open and transparent manner and being responsible for one’s decisions or actions.

Excellence

• • FRC shall at all times deliver quality information and aim to surpass ordinary standards in its dealings.

 FRC Critical Success Factor:

FRC is aware that there are certain critical elements that must be achieved for outcomes to be successfully attained and sustained. These are critical success factors (CSF), which may change overtime. Hence the need for FRC to regularly observe them and make necessary adjustments to set strategies and targets. The FRC has identified the following critical factors to successful execution of its current plan:

• FRC will have a transformative leadership in place which is visionary, inspiring, open, flexible and adaptable, and results-oriented;
• FRC will ensure that there is a clear understating of the strategy by all those who are involved in its implementation;
• FRC will strengthen the coordination translation of its strategic Plan into annual plan and budget through the Directors’ office;
• FRC will align its organizational structure to the strategy through effective communication between staff on the implementation
• FRC management undertakes to provide leadership with commitment and drive
• FRC will attract and retain skilled and experienced human resource;
• FRC will seek reliable and adequate financing of the initiatives identified in the strategy; and
• FRC will maintain a good relationships and effective communication with key stakeholders