BLOG POST

The main agenda of the meeting: approval of the previous meeting minutes, National Risk Assessment
(NRA) Action Plan, Middle East and North Africa Financial Action Task Force (MENAFATF) budget and
warnings to the reporting Entities.

The second National Anti-Money Laundering Committee meeting took
place in Villa Somalia with the presence of 6 NAMLC members except for the Minister of Internal Security.

FGS Combating Terrorist Financing:
The Somali National Anti-Money laundering Committee (NAMLC) MEETING with CEOs of Banks, Remittances, and Mobile Money Businesses

A high-level political commitment was made the by the country’s highest office regarding Combating TF/ML

Somali Financial Reporting Center (FRC) concluded the first training on the goAML Software for Somali banks and Money Transfer Businesses (MTBs) in September and October 2022.

The Federal Government of Somalia Has Conducted and published its first National Risk assessment (NRA). The NRA will assist Somalia to understand ML/TF risks according to FATF R. 1.

The final report of the Panel of Experts (the Panel) on Somalia (S/2021/849)

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.

On 20th of May 2021, the Directors of Somalia FRC and UAE – FIU held a signing ceremony for Memorandum of Understanding (MoU) between Somalia Financial Reporting Center (FRC) and the United Arab Emirates Financial Intelligence Unit (UAE-FIU)  via Zoom.

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 and were given a quick office tour to familiarize the FRC structure and brief each other department’s task assigned. The visiting members with FRC senior executives come together in the FRC meeting room where the business of the day began.