The Committee Mandate
The mandate of NAMLC derives from the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2016 with the objective to oversee the AML/CFT regime in Somalia. Specifically, its functions include the following:
- To develop a National AML/CFT strategy.
- To set strategic priorities for the Financial Reporting Center (FRC).
- To approve the budget of the Financial Reporting Center.
- To provide funding for capacity building of member institutions of NAMLC to combat Money Laundering (ML) and Terrorism Financing (TF).
- To create information sharing gateway amongst member institutions of NAMLC,
- To oversee and enhance the effectiveness of domestic coordination, and
- To appoint the Director of the Financial Reporting Center.