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Minister of Finance Federal Government of Somalia
Wasaaradda Maaliyadda, Dolowdda Federalka Soomaaliya
The Somalia Anti-Money Laundering and Countering the Financing of Terrorism Act, 2016 (the ‘Act’) established the Financial Reporting Centre (FRC) to operate as a national central agency that is responsible for the receipt, analysis and appropriate dissemination of all informationrelating to money-aundering (ML) and terrorism financing (TF). Article 20 (9) of the Act empowers the FRC to issue relevant regulations to reporting entities in order to ensure they have effective policies and procedures in place to stop them being used as vehicles to launder money or finance terrorism.