The Financial Intelligence Unit of Somaliland (FIU) is established Under the Anti-Money Laundering Law No. 87/2019, approved by late in 2019.
The Financial Intelligence Unit (FIU) was established as an independent department within the Central Bank of Somaliland with separate staff, budget, resources and reporting lines from the rest of the Bank. The principal objective of the Unit is to assist in the identification of the proceeds of crime and combating money laundering and the financing of terrorism. The main objective of FIU is to deny the use of the Somaliland financial system to those who obtained funds as the result of illegal activity and to those who would use it to support terrorist activities.
In its regulatory role, the unit is responsible for receiving, analyzing, obtaining and in defined circumstances, dissemination of information, which relates to or may relate to the proceeds of offences specified in the Anti-money laundering act.
In its intelligence role, the unit is fully committed to the principle of information exchange between the FIU and criminal investigation agencies, prosecution office and international partners for competing anti money laundering and terrorist financing.
Mandate of FIU
According to article 7 of Anti money laundering act, the functions of the Financial Intelligence Unit including but not limited to:
- Shall receive, analyze, interpret and report:
- reports of unusual or suspicious transactions made by reporting institutions;
- information disclosed to it and obtained by it under the Anti money laundering and terrorist financing Act;
- shall send information received under the Act to the appropriate law enforcement authorities, any intelligence agency, or any other appropriate supervisory body for further handling if, having considered the reports, the Director has reasonable grounds to suspect that a transaction or activity involves proceeds of crime, money laundering or financing of terrorism;
- may, at any time, cause an inspection to be made by an inspector authorized by the Director in writing and the inspector may enter the premises of any reporting institution during ordinary business hours to inspect any documents kept pursuant to the requirements of the Act, and ask any question relating to such documents, make notes and take copies of the whole or any part of such documents;
- may instruct, in writing, a reporting financial institution that has made a suspicious transaction report under article 14 of the Act not to complete the transaction in question;
- shall send to the appropriate law enforcement authorities, intelligence agencies, or supervisory bodies any information derived from an inspection carried out pursuant to paragraph (c) if such inspection gives the Director reasonable grounds to suspect that a transaction or activity involves proceeds of crime, money laundering or the financing of terrorism;
- may compile statistics and records, disseminate information within Somaliland or elsewhere, and make recommendations arising out of any information received, issue guidelines to reporting institutions and advise the Governor;
- shall design training requirements and may provide such training for any reporting institution in respect of transactions, record-keeping and reporting obligations in accordance with the provisions of the Act;
The Anti Money Laundering Act (2019) mandates reporting and regulatory institutions to report Suspicious or Transactions. The Financial Intelligence Unit has developed an Excel Template and Reporting Guide for electronic reporting of Suspicious or Unusual Transactions.
The following links can be used to download the suspicious or unusual transaction reporting documents.
- Suspicious Transaction Reporting Form
- Suspicious Transaction Reporting Guideline
The Anti Money Laundering Act (2019)) mandates reporting institutions to report Cash Transactions that satisfy the given criteria. The Financial Intelligence Unit has developed an Excel Template and Reporting Guide for electronic reporting of Cash Transactions.
The following links can be used to download the cash transaction reporting documents.
- Cash Transaction Reporting Form
- Cash Transaction Reporting Guideline
- Cross Border Transaction of Cash
The Anti Money Laundering Act (2019) mandates reporting and regulatory institutions to report Cross Border Transactions of Cash. The Financial Intelligence Unit has developed an Excel Template and Reporting Guide for electronic reporting of Cross Border Transactions of Cash.
The following links can be used to download the cross border transactions reporting documents.
- Cross Border Transaction Reporting Form
- Cross Border Transaction Reporting Guideline
The Anti Money Laundering Act (2019) and Anti-Money Laundering Regulations require reporting institutions to submit to the Financial Financial Intelligence Unit a report indicating the institutions level of compliance, Regulations and among others. The report is submitted by 31 January of the following year unless the date is varied in writing by the Financial Intelligence Unit.
The Annual Compliance Report Template for the year 2020 report can be downloaded at the link below:
- Annual Compliance Report Template (2020)
- Press Release
- Annual Reports