BLOG POST

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.

On April 07, 2021, IMF Staff visits virtual meeting regarding Somalia Financial Development and Reforms was held via zoom. The meeting was attended Central Bank of Somalia (CBS) and the Financial Reporting Centre (FRC) to share with IMF reform progress made during the period from the last IMF staff visit as part of reform benchmarks to achieve full Somalia debt relief.

4 March 2021 – Supervisors play a crucial role in preventing money laundering and terrorist financing. They ensure banks, other financial institutions, virtual asset service providers, accountants, real estate agents, dealers in precious metals and stones, and other designated non-financial business and professions, understand the risks facing their business and how to mitigate them.

Delegates representing the 205 members of the Global Network and observer organisations, such as the IMF, the United Nations and the World Bank, worked through a full agenda to strengthen global safeguards to detect, prevent and disrupt the financial flows that fuel crime and terrorism.

As amended November 2020.The FATF conducts mutual evaluations of its members’ levels of implementation of the FATF Recommendations on an ongoing basis. These are peer reviews, where members from different countries assess another country. The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.

Somalia has stepped up operations to fight against human trafficking despite lack of law to combat against human trafficking.The Director General of Immigration and Naturalization department of Somalia Mohamed Aden Kofi said the agency had dismantled an organized human trafficking network in the country last year.