Legal Document

Title: Anti Money Laundering Governance and Compliance Regulation
Type: Regulation
Issuing Agency: Ministry of Finance
Responsible Agency: Ministry of Finance
Issuing Date: 02-10-2019

Anti-Money Laundering Governance and Compliance Regulation

Federal Government of Somalia

Ministry of Financy

Regulation 1: INTRODUCTION

1.1 Mandate of the regulation

The enactment of the Anti-money laundering and Countering the Financing of terrorism Act, 2016 has provided Somalia the necessary instruments in the fight against money laundering and terrorist financing to avoid ambiguity and provide father clarification, Article 52 of AML/CFT Act, mandates the ministry of Finance to issue this regulation as reference for the better implementation of this Act. The ministry of Finance is also responsible for the overall administration of the Somalia sanctions regime. This regulation incorporates the necessary components of the AML/ CFT Act, FATF Recommendations and other International best practices on Anti-money laundering and the countering the Financing of terrorism (AML/CFT). The adherence to the standards sets by this regulation will monitored by the Finance Reporting Center in collaboration with the Central Bank of Somalia and other regulatory bodies through on-site examinations and off-site analysis o data in order to adopt this regulation this ministry of Finance shall seek approval from the national Anti-Money Laundering Committee.

1.2 Scope of the regulation

This AML/CFT regulation shall apply to the government institutions required under the AML/CFT Act to regulate designated industries and other industries deemed vulnerable for money laundering and terrorism Financing. This regulation describes the structure of the AML/CFT regime in Somalia such us the role and authority of the nominated government institutions, compliance requirements reporting and record keeping and enforcement mechanisms.

1.3 purpose of the regulation

This regulation set out the ground rules and shall be a source for all regulations issued by all government institutions for institution and professions subject   to this Act. The regulations outline the AML/CFT regime and provides clarification for government institutions how they shall comply and adjust their own regulations. It is also provides an outline of unified approach across all areas of government in the implementation of the AML/CFT Act.

Regulation 2: The National Anti- Money Laundering committee    

2.1: mandate of NAMALC

  1. The national Anti-money laundering Committee (NAMALC) established by article 24 of the anti-money laundering and countering the finance of Terrorism (AML/CFT) Act of 2016 and has oversight responsibility of the AML/CFT regime in Somalia.

  2. The Committee’s core mandate is to develop a national AML/CFT strategy, provide funding for capacity building of member institution NAMLC set strategic priorities for Financial reporting Center (FRC), establish information sharing gateway amongst member institutions of NAMLC and enhance the effectiveness domestic coordination.     

This Document is only for information purpose only 

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