Financial Reporting Center FRC
| Financial intelligence Unite (FIU) | |
| File:Logo FRc.png Seal of the Financial Reporting Center | |
| Agency overview | |
|---|---|
| Formed | May 18, 2016 |
| Type | Independent |
| Jurisdiction | Federal government of Somalia |
| Headquarters | Mogadishu, Somalia |
| Motto | "No Money for Terror" |
| Agency executive |
|
| Website | www |
The Financial Reporting Center (Somalia) was established by the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2016 to operate as a National Central Agency that is responsible for the receipt, analysis and appropriate dissemination of all information relating to money-laundering and terrorism financing.[1]
The FRC serves as Somalia’s Financial Intelligence Unit (FIU).[2], an independent center of expertise in the analysis of suspicious financial activity and the investigation of financial crimes.[3]
Purpose
When the FRC was Established, its purpose was to serves as a national center for the receipt and analysis of (a) suspicious transaction reports, and (b) other information relevant to money laundering, associated predicate offences and financing of terrorism, and for the dissemination of the results of that analysis.[4]
Organizational structure
The FRC has five major divisions:
- Analysis & Enforcement Division
- Supervisory Review Division
- Regulatory Policy Division
- Data Security Division
- Administration Division
The NAMLC Committee
The National Anti-Money Laundering and Countering the Financing of Terrorism Committee NAMLC is responsible for appointing the Director of the FRC, setting strategic priorities for the FRC, articulating a national Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Strategy, and coordinating AML/CFT assessments and evaluations[5]
Analysis & Enforcement Division
Supervisory Review Division
Regulatory Policy Division
Data Security Division
Analysis & Enforcement Division
Administration Division
Committee Members:
- The Chairman, Ministery of Finance
- The Governor of Central Bank of Somalia
- The Minister of Justice
- The Attorney General
- The Ministery of Commerce & Industry
- The Minister of National Security
- The Director of the National Intelligence Service Agency
- The Director of the Financial reporting Center
The Financial Report Center FRC
Dahirosman (talk) 05:24, 24 May 2019 (UTC)
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- ↑ "IMF statements: Somali Officials Misrepresent IMF Statements and Reports". Goobjoog News. December 29, 2018. Retrieved April , 2019. Check date values in:
|accessdate=(help) - ↑ "Financial intelligence: Egmont Group of Financial Intelligence Units". Wikipedia. January 1, 2013. Retrieved Jun , 2018. Check date values in:
|accessdate=(help) - ↑ "Initiatives: BUILDING AN EFFECTIVE, FIT-FOR-PURPOSE FINANCIAL REPORTING CENTER IN SOMALIA". International Development Law Organization. November 17, 2017. Retrieved February , 2019. Check date values in:
|accessdate=(help) - ↑ "FRC: Anti-Money Laundering and Countering the Financing of Terrorism Act". Somali Financial Reporting Center. May 26, 2016. Archived from the original on December 19, 2022. Retrieved September , 2018. Check date values in:
|accessdate=(help) - ↑ "Governance: National Anti-Monery Laundering and Countering the Financing of Terrorism Committee". ISomali Financial Reporting Center. April 10, 2018. Archived from the original on January 18, 2020. Retrieved May , 2019. Check date values in:
|accessdate=(help)
