About NAMLC

National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee NAMLC is a multi-institutional committee tasked by the 2016 Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT) to provide policy guidance and set the strategies of Somalia’s AML/CFT regime. For the first time in Somalia, this law criminalizes money laundering (ML) and the financing of terrorism (FT).

Essentially, the focus of NAMLC mandate is the development of a national AML/CFT strategy, member institutions’ capacity building and setting FRC strategic priorities. The Committee is also envisioned to facilitate information sharing and promote domestic and international coordination.

NAMLC has over the past few years, approved the reporting of financial institutions to the FRC of suspicious and large cash transactions, endorsed the Minister of Finance issue the Governance and Compliance Regulations and the AML/CFT Regulations for Financial Institutions, approved Somalia joining the North Africa and Middle East FATF (MENAFATF) and encouraged domestic coordination.

Our vision and mission is to build, sustain and co-ordinate an effective, responsive and adaptive AML/CFT framework consistent with international standards and the establishment of the comprehensive AML/CFT framework shall be through the engagement of human and technical resources amongst relative local and international stakeholders

VISION STATEMENT

To build, sustain and co-ordinate an effective, responsive, and adaptive AML/CFT framework consistent with international standards.

MISSION STATEMENT

The establishment of the comprehensive AML/CFT framework shall be through the engagement of human and technical resources amongst relative local and international stakeholders

The Committee Members

The members of NAMLC consists of:

  • Minister of Finance (Committee Chairperson)
  • Minister of Justice
  • Minister of Internal Security
  • Minister of Commerce and Industry
  • Director-General of National Intelligence and Security Agency
  • Governor of the Central Bank of Somalia
  • Attorney General
  • Director of Financial Reporting Center, FRC (Committee Secretary)

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