BLOG POST

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.

Somalia’s Deputy Prime Minister Mahdi Guled has said the government is making progress in halting money which is coming from other countries.

United States has expressed concern over the growing accumulation of illicit financing by the Somali
based Al-Qaeda linked terrorist group, Al-Shabaab