The National Anti-Money Laundering Committee (NAMLC) established a Task-Force in relation to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). The aim of the taskforce is to operationalize effectively the statutory functions and responsibilities of NAMLC as outlined in Article 25 of the AML/CFT Act of 2016.

Members of the Task-Force

1. 1. Director of Financial Reporting Center (Task-Force chairperson)
   2. Deputy Governor of the Central Bank / Director of Licensing & Supervision
   3. Deputy Director General of National Intelligence & Security Agency
   4. Deputy Attorney General
   5. Director General of the Ministry of Internal National Security
   6. Director General the Ministry of Finance / Director of Customs
   7. Director General of the Ministry of Commerce and Industries
   8. Director General of the Ministry of Justice.

Objectives of the Task-Force  

1. 1. To promote AML/CFT regime in Somalia;
   2. To realise the strategic objectives set out by NAMLC, through cooperation, coordination and information exchange;
   3. To identify capacity gaps in member institutions to combat money laundering and financing of terrorism; and
   4. To identify AML/CFT risk methods, analyse and mitigate risks and threats.

Duties of the Task-Force

1. 1. Propose and review the legal, policy and institutional framework for combating money laundering and financing of terrorism;
   2. Propose, review and adopt appropriate mechanisms for collaboration and cooperation among Taskforce members in combatting and preventing money laundering and financing of terrorism at the federal and state levels;
   3. Discuss and issue directives concerning the role of Non-State Actors, such as religious organizations, civil society, media, and the private sector in combatting money laundering and financing of terrorism;
   4. Consider and propose suitable institutional AML/CFT training and capacity-building arrangements for key agencies and other public agencies as required;
   5. Adopt international or regional best practices in the combat against money laundering and financing of terrorism;
   6. Consider proposals for technical assistance for the institutions involved in preventing and combatting money laundering and financing of terrorism; and
   7. Prepare reports on legal, policy and institutional reforms necessary for the effective combat against money laundering and financing of terrorism.