SOMALIA 
ENGLISH
The partnership among domestic and international institutions and foreign financial intelligence units (FIUs) is essential to the proper functioning of Somalia’s AML/CFT framework.
Domestic
Banks and MTBs (Hawalas) will be key partners in the development of a robust AML/CFT regime in Somalia. The FRC has already begun a dialogue with Somalia’s private financial sector and is working closely with the Central Bank of Somalia, the regulatory authority for the financial sector to deepen the relationship. Somalia currently has six banks and twelve MTBs licensed by the Central Bank of Somalia which oversees this sector on prudential and AML/CFT issues.
The National Anti-Money Laundering Committee is comprised of all the federal organizations which are key to developing an effective AML/CTF regime in Somalia.
Committee Members:
- Chairman, Ministery of Finance.
- Governor of Central Bank of Somalia.
- Minister of Justice.
- Attorney General.
- Ministery of Commerce & Industry.
- Minister of National Security.
- Director of the National Intelligence Service Agency.
- Director of the Financial reporting Center.
International
The UN Global Program against Money Laundering, Proceeds of Crime and the Financing of Terrorism and Egmont Group recommend that financial intelligence units (FIUs) should be able to exchange information freely with other FIUs on the basis of reciprocity or mutual agreement and consistent with procedures understood by the requested and requesting party. Such exchange, either upon request or spontaneously should produce any available information that may be relevant to an analysis or investigation of financial transactions and other relevant information related to money laundering and the persons or companies involved.
For this reason, Somalia’s FRC is seeking to build partnerships and sign MOUs with other FIUs and bodies that work on money laundering and countering the financing of terrorism issues.