Ankara, Turkey(Mogadishu24)-he Federal Republic of Somalia and the Republic of Turkey have on Wednesday signed a Memorandum of Understanding (MoU) to enhance cooperation in anti-money laundering (AML), combating the financing of terrorism (CFT), and exchanging financial intelligence.

The agreement was signed between the Financial Crimes Investigation Board (MASAK) of Turkey and the Financial Reporting Center (FRC) of Somalia, aiming to strengthen their collaborative efforts against financial crimes.

The purpose of this MoU is to bolster the friendly and cooperative relationship between the two nations, ensuring efficient collaboration in preventing financial crimes and enhancing security. Both countries’ financial intelligence units (FIUs) will work together to collect, analyze, and share data on financial crimes, including suspicious transaction reports (STRs).

The agreement will improve strategies to combat money laundering, terrorism financing, and other financial offenses.

The two agencies will engage in joint training programs, workshops, and capacity-building efforts to improve the skills of their intelligence personnel and maintain robust financial intelligence networks.

This partnership aims to not only secure financial systems but also foster economic growth in both countries.

The signing ceremony was attended by Somali Ambassador to Turkey, Ambassador Fathudin, FRC Director Ms. Amina Mohamed Ali, and MASAK Director Mr. Hassan Keymak.

Somalia’s Information Minister, Daud Aweys Jama, noted that the agreement reflects both countries’ commitment to combating financial crimes and building a safer financial landscape through shared expertise and collaboration.