Regulatory Alerts2026-07-26
Added · Updated
Anti-Money Laundering and Countering the Financing of Terrorism Amendment Act 2025
The Federal Republic of Somalia enacts the Anti-Money Laundering and Countering the Financing of Terrorism Amendment Act 2025 to establish comprehensive legal frameworks for combating financial crimes. The legislation defines key terms, criminalizes money laundering and terrorism financing offenses, and imposes obligations on reporting entities, including financial institutions and designated non-financial businesses and professions. It mandates customer due diligence, prohibits anonymous accounts, and establishes the Financial Reporting Center and the National AML/CFT Committee to oversee compliance and international cooperation.
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