The Committee Mandate

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.

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