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.

 

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. see more info ➡️frc.gov.so/bushra-bank-ce… #MENAFATF #AML/#CFT #Somaliafrc @BBBankso pic.twitter.com/RAlc9pgyaF