The General Director Of Central Bank Of Somaliland Mr Abullaah Hassan Ahmed has Closed three days Of High Level Meeting of Score Project Somaliland Regulatory For week,earlier this morning again all Participants have came to gather and took their seats one by one including the Director General of Central Bank Mr Abdullaah Hassan along with Experts of the trainers from Ernst Young whose was president in the hall of the event meeting was going on.
Ms Aisha Abdallah (Legal expert) (Financial services expert) has gave more father explanation of the law of Anti Money Laundry She Told the Law of the AML is highly prohibiting Money Landry which is recently increasing in the world of today after creation of what so call Terrorists group whose are going high speed in the world and doing a lot of explosions in different countries.
“the law of Money Laundry is prohibited to Act as its been doing in a lot of countries by the Terrorist Group whose named the above as different groups and Etc , Also Mr Robert Nyamu (Financial services expert) and member the those Ernst Young has has highlighted some additions to the presentation given by A’isha Abdalla and he seriously emphasized the important of bear in minding to be vigilant to the dangerous of the Money Laundry.
In the other hand participants have expressed their feelings this debate of AML and have added some contribution to event debate including direct questions to the expert trainers about the AML rules and how Somaliland private Banks and Remittances can Apply those international Anti Money Landry Rules to avoid any Money Laundry in any way by any means and by any groups.
Participants from the Private Bank of Somaliland told Somaliland currently is highly using Mobile Money system which they meant its made some how customer satisfaction.
Article 20 (1) of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2016 (the Act) established the Financial Reporting Center (FRC) to serve as the central, national agency responsible for receiving, requesting, analyzing and appropriately disseminating information concerning money laundering and terrorist financing. The requirement to report suspicious transactions, established under Section 14 (1) of the AML/CFT law (2016), states that banks, financial institutions, cash dealers or DNFBPs shall make a report to the FRC on any transactions which they have reason to believe may be a suspicious transaction. Article 21 (9) of the Act empowers the FRC to issue relevant regulations to reporting entities in order to ensure they have effective policies and procedures in place to stop them being used as vehicles to launder money or finance terrorism. The Act also empowers the FRC to analyze suspicious patterns of transactions (Article 21 (4); share information with other federal authorities and foreign financial intelligence units (Article 21(5); and to ensure compliance with the reporting requirements of the Act (Article 23). (http://somfrc.so)