The AML/CFT Task Force

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. 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. 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. 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.

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