The National Anti-Money Laundering Committee (NAMLC)

The National Anti-Money Laundering Committee is established under Article 24 of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2016.

 The Committee Members
The members of NAMLC consists of:

  • Minister of Finance (Committee Chairperson)
  • Minister of Justice
  • Minister of Internal Security
  • Minister of Commerce and Industry
  • Director General of National Intelligence and Security Agency
  • Governor of the Central Bank of Somalia
  • Attorney General
  • Director of Financial Reporting Center, FRC (Committee Secretary)

The Committee Mandate
The mandate of NAMLC derives from the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2016 with the objective to oversee the AML/CFT regime in Somalia. Specifically, its functions include the following:

  • To develop a National AML/CFT strategy.
  • To set strategic priorities for the Financial Reporting Center (FRC).
  • To approve the budget of the Financial Reporting Center.
  • To provide funding for capacity building of member institutions of NAMLC to combat Money Laundering (ML) and Terrorism Financing (TF).
  • To create information sharing gateway amongst member institutions of NAMLC,
  • To oversee and enhance the effectiveness of domestic coordination, and
  • To appoint the Director of the Financial Reporting Center.

 

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. See more info. ➡️ frc.gov.so/prosecutors-se… #MENAFATF #AML/#CFT #Somaliafrc pic.twitter.com/0tBaO5xt1v