SOMALIA 
ENGLISH
Meeting Highlights
Outcomes:
- During NAMCL meeting FRC Director proposed new NAMLC members which is vital for NAMLC authority. The NAMLC members discussed cost and benefit of being a member of NAMLC by the newly proposed institutions, after which NAMLC members discussed and debated and unanimously adopted to become new members on ADHOC basis. The new members admitted to NAMLC are:
- National Security adviser office, Office of the President
- Economic Unit, Office of Prime Minister,
- Director of National Identification Authority
The admission of the new members is especially important for the work of FRC, it will enable to participate NAMLC meeting and task force activities on need basis and contribute the FRC enhancement to achieve its mandated task.
Outcomes:
- NAMLC unanimously agreed for the Ministry of Finance to lead and issue a comprehensive AML/CFT regulations in accordance with Article 52 of the AML/CFT, Act 2016. This article stipulates that
“The Minister responsible for financial matter; may in consultation with the Financial Reporting Center (FRC), issue regulation for the better implementation of this Act”.
Outcomes:
- NAMLC adopted the internal governing rules and procedure developed by the FRC. From now on, NAMLC will meet quarterly.
- NAMLC officially approved the proposal to initiate the AML/CFT National Risk Assessment (NRA) in collaboration with the World Bank experts. The NRA will start in June 2019 and anticipated duration will be 18 months. The outcome of the NRA will help the Federal Government of Somalia understand systematically the nature and scale of Money Laundering / Terrorist Financing problems in Somalia, which will help us to make appropriate preparation for the Mutual Evaluation Assessment (MEA) by the MENAFATF.
- NAMLC approved the concept paper developed by the FRC proposing the formation of AML/CFT TASKFORCE, with core focus on the operationalisation of the NAMLC directives and the statutory functions and responsibilities
Outcomes:
- NAMLC officially endorsed the implementation of the FRC AML/CFT regulations and reporting guidelines for the Financial Institutions.
- Furthermore, NAMLC endorsed the commencement of reporting by the Financial Institutions of suspicious transactions (STRs) and large cash transactions (LCTRs) to the FRC from the November 1, 2018.