FRC Meeting with the Ministry of Justice, Constitutional Affairs and Somali Lawyers on Strengthening Cooperation and the Completing MENA-FATF Mutual Evaluation Process.

The Somali Financial Reporting Center (FRC) has conducted a productive meeting with the Ministry of Justice and Constitutional Affairs and Somali Lawyers. The primary focus of the meeting was to enhance cooperation and ensure that lawyers, as reporting entities, effectively report suspicious transactions related to money laundering (ML) and financing of terrorism (FT) to the FRC.

The objective of this meeting was to strengthen the collaboration between the public and private sectors in the fight against AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism). Additionally, the meeting aimed to emphasize the critical role that these sectors play in the MENAFATF (Middle East and North Africa Financial Action Task Force) mutual evaluation process.

Key Outcomes of the Meeting:

1. To establish clear communication channels between the FRC, Ministry of Justice, and legal professionals. 

2. Developed comprehensive training programs for lawyers to identify and report ML/FT activities effectively and understand their roles and responsibilities in reporting suspicious transactions

3. Created a framework for ongoing collaboration and information sharing to enhance the effectiveness of AML/CFT measures.

The Financial Reporting Center (FRC) reaffirmed its commitment to enhancing cooperation between public and private sectors and stakeholders, The FRC has focused on Mutual Evaluation and emphasized the importance of completing the mutual evaluation process with positive outcomes.

This collaborative effort underscores the commitment of all parties involved to create a secure financial environment in Somalia and to contribute significantly to the MENAFATF mutual evaluation process.