NAMLC Members met on 27th October at the Ministry of Finance in Mogadishu. The meeting was chaired by the Minister of Finance and the secretariat was the Financial Reporting Center (FRC) Director.

NAMLC has oversight responsibility of the FRC which is responsible for the implementation of the AML/CFT regime in Somalia.

The NAMLC Members are the Minister of Finance, Minister of Justice, Minister of Commerce and Industry, Minister for National Security, Governor of the Central Bank of Somalia, the Attorney General, Director General of the National Intelligence Service Agency and Director of the Financial Reporting Center (FRC).

In the meeting, the FRC Director presented her report to the committee which covered progress and achievements made in 2018 as well as per plans for the agency for the coming year.

The NAMLC formally endorsed the FRC AML/CFT regulations and reporting guidelines for the financial industry and the decision of the FRC for the financial industry to commence reporting to the FRC from 1 November 2018.

The NAMLC Members further agreed to defer consideration of the FRC remaining activities to the next NAMLC session that is expected to take place in two weeks’ time.