Somalia Financial Reporting Center (FRC) has signed MOU with United Arab Emirates – FIU

On 20th of May 2021, the Directors of Somalia FRC and UAE – FIU held a signing ceremony for Memorandum of Understanding (MoU) between Somalia Financial Reporting Center (FRC) and the United Arab Emirates Financial Intelligence Unit (UAE-FIU)  via Zoom.

The MoU is a key milestone in reinforcing the collaboration and coordination of the two countries as they have large trading activities between Somalia and UAE.

The MoU highlights the role of the Somalia FRC and UAE-FIU in ensuring and protecting national financial systems and strengthening Anti-Money Laundering and Countering Terrorist Financing (AML/CFT) through collaboration and information sharing. It underlines one of the priorities of both countries to engage their international partners in combatting AML/CFT.

The MoU will provide an opportunity to exchange the experiences of the two countries in support of specialized training and promoting international standards relevant to protecting Financial Systems, transparency, and access to information.

Following the MoU signing ceremony, the two countries will conduct robust and elaborate discussions on AML/CFT issues.