Regulatory Framework

The Anti-Money Laundering and Counter Financing of Terrorism Act 2016 is the primary statute governing the AML/CFT regime in Somalia and the act came into force when the President of Somalia signed and was published in the official bulletin of the Federal Government of Somalia on 21st February 2016.

The AML/CFT act provides for the offence of money laundering and terrorism financing and the measures to be undertaken for the prevention of money laundering and terrorism financing offence.

The AML/CFT Act provides wide-ranging investigation powers including powers for law enforcement agencies and public prosecutor to freeze and seize properties that are involved or suspected to be involved in the money laundering or terrorism financing offences, and the powers of the court to forfeit properties derived from the proceeds of serious crimes.

 

The Various parts of the AML/CFT are:
PART I: Definitions
PART II: Money Laundering and Terrorism Financing Offences
PART III: Prevention of Money laundering and terrorism financing
PART IV: Financial Reporting Centre
PART V: National Anti-Money Laundering and Countering the Financing of Terrorism Committee.
PART VI: Civil Criminal Penalties
PART VII: Seizure and Confiscation Orders
PART VIII: International Cooperation
PART IX: Miscellaneous

 

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