Regulatory Alerts2025-08-05
Anti-Money Laundering and Countering the Financing of Terrorism Act, 2016
The Federal Republic of Somalia enacted this Act to establish a comprehensive legal framework for preventing money laundering and terrorist financing across financial institutions and designated non-financial businesses and professions. Reporting entities must implement robust customer due diligence, maintain accurate records, and submit suspicious transaction reports to the newly established Financial Reporting Center while benefiting from overridden secrecy obligations. The legislation creates a National AML/CFT Committee to oversee compliance, defines civil and criminal penalties for non-compliance, and mandates international cooperation through mutual legal assistance and asset confiscation.
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