The Federal Republic of Somalia and the Republic of Turkiye signed an agreement on cooperation, exchange of financial intelligence, anti-money laundering, and combating the financing of terrorism (AML/CFT) in Ankara, Turkey, on September 25, 2024.
Turkiye’s Financial Crimes Investigation Board (MASAK) and the Financial Reporting Center (FRC) of Somalia signed a memorandum of understanding (MOU) to enhance cooperation between the two countries.
Purpose of the Agreement
The agreement aims to strengthen the friendly and cooperative relationship between the two nations and collaborate in the fight against financial crimes, including money laundering and the financing of terrorism.
Both Financial Intelligence Units (FIUs) will work together in line with their respective AML/CFT laws, focusing on collecting, developing, and analyzing data related to financial crimes in both countries. They will also share expertise and experience in combating financial crimes, particularly in the areas of money laundering prevention and terrorist financing. This agreement is set to bolster the measures and plans to counter all forms of financial crime in both nations.
The two agencies will exchange information freely, following the principles of international financial intelligence cooperation, including the exchange of Suspicious Transaction Reports (STRs) and other relevant data. This will help identify and combat financial crimes while ensuring compliance with international laws and regulations.
Additionally, the FRC of Somalia and MASAK will improve their capabilities through joint training programs, workshops, and capacity-building initiatives. This collaboration aims to enhance the skills of financial intelligence personnel in both countries, ensuring they can effectively combat financial crimes. The MOU will contribute to maintaining strong financial intelligence networks, enhancing security, and fostering economic growth.
The signing ceremony was attended by Somalia’s Ambassador to Turkiye, Fathudin, the Director of the Financial Intelligence Unit, Ms. Amina Mohamed Ali, and the Director of MASAK, Mr. Hassan Keymak.
