Meeting Highlights

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.

The forum discussions' main agenda was Protecting the Somali FIs against ML/TF, The Regulatory Issue, filing an excellent Suspicious Transaction Report (STR), and the update for the Somali National Risk Assessment Report. #MENAFATF #AML/#CFT #Somaliafrc pic.twitter.com/Gs7I5WolhC