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Deputy Director – Financial Reporting Center – Mogadishu, Somalia

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  • Full-Time

Job Description

Expression of Interest

Deputy Director Position

Financial Reporting Center, Federal Government of the Republic of Somalia

Duration: 1 years

Duty Station: Mogadishu, Somalia

Closing date for applications: 24th of July 2021


Somalia in 2016 passed the National Law on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), which established a financial intelligence unit (Somalia’s Financial Reporting Center, FRC), and the National AML Committee (NAMLC), which oversees the FRC, a central, national agency responsible for receiving (and, as permitted, requesting), analyzing and disseminating to the competent authorities, disclosures of financing information. Since then, the country has seen laudable progress in with both the FRC and NAMLC making substantial contributions to Somalia’s national AML/CFT efforts. Most of the action by the Federal Government of Somalia (FGS), comes as a response to the increasing crisis faced by Somali remittances. In an effort to address impediments, the FGS has prioritised strengthening the financial services sector institutions among which number the Ministry of Finance, the Central Bank of Somalia and now the Financial Reporting Centre.

Solving the Somali remittances crisis remains a top priority for the FGS, which intends to step up its efforts in 2017. The Somali financial sector is the main conduit through which approximately 35 percent of Somalia’s GDP is channelled from the Somali diaspora to its citizens through remittances. Recent closures of correspondent bank relationships in key sending countries appear to have disrupted the flow of these remittances, and have limited the ability of Somali Money Transfer Businesses (MTBs), to support this critical flow of money. Foreign banks are responding to the tightening of regulations post 9/11, to address AML/CFT concerns which centre on the recipient of remittance transfers (KYC). Derisking and wholesale shedding of Somali accounts is a pre-emptive move by foreign banks to minimise their perceived exposure to risk. The perception of risk arises mainly from the weakness of financial governance in Somalia- adequacy of the legal and regulatory framework of the Somali regulator, and its capacity to fulfill its mandate and supervise the financial sector, including the application and enforcement of regulations and ensuring compliance with the new anti-money laundering/combating the financing of terrorism (AML/CFT) Law adopted in February, 2016, by the FGS. For the first time in decades, the FGS is beginning to implement new laws and regulations, and is under the process of strengthening financial supervision through the Central Bank of Somalia.

Since its inception in 2016, the FRC has steadily established a presence on the Somalia regulatory landscape, helping to build an effective and international-standard compliance regime in line with Financial Action Task Force (FATF), requirements. The Somalia 2016 Law charges the FRC with the responsibility of regulating financial conduct risk in Somalia, (AML/CFT), with national and international partners. The FRC is and independent body that reports to the NAMLC and is Somalia’s lead regulatory authority on suspicious activity reporting (SAR), has the key statutory responsibility for the SAR regime and is accountable for making sure that Somalia has a financial system that is safe, and securely facilitates the efficient and safe flow of financial transactions. By law, the FRC is required to:

  1. Issue regulations and provide guidance and feedback to relevant ministries and agencies as well as reporting entities on AML/CFT regime.
  2. Design and implement compliance monitoring and enforcement systems for sectors that lack designated supervisory authorities.
  3. Impose proportionate, dissuasive and effective administration sanctions and penalties.
  4. Represent the country in national, regional and global meetings, forums, and organizations that focus on AML/CFT issues.
  5. Sign and implement Memoranda of Understanding and other agreements with foreign financial intelligence units.

Under the Law, the FRC Director is appointed by the AML/CFT committee, chaired by the Minister of Finance, the Deputy Director of the FRC is expected to play a critical role in supporting the FRC Director, as well as the work of the NAMLC Chair. 

Duties and Responsibilities.

The Deputy Director supports the Director oversee the operations through policy and strategic direction of the FRC. S/He supports the Director in managing the day-to-day operations of the FRC, establishing policies that promote and support its mission, vision and goal to be regarded as an effective specialist and confidential agency that can support the building of credibility in Somalia’s financial system, and to be a center of excellence to guide the rebuilding of the Somali economy. A sound and dynamic financial sector is critical to sustainable economic growth and the recovery of Somalia.

The Deputy Director may, from time to time, be designated by the Director to represent Somalia in international forums and discussions, where applicable. S/He supports the Director in ensuring the core function of the FRC in receiving, analyzing and dissemination of suspicious transaction reports and any other functions identified for the FRC by the AML/CFT Act.

Key responsibilities of the FRC Deputy Director will be the setting up of internal governance arrangements in the operations of the FRC to ensure independence, adequate skills development, accountability and timely delivery of FRC objectives. This will include the identification and adoption of suitable systems and practices regarding accountability, training, budget preparation, budget independence, and reporting relationships. Overseeing the work of FRC staff to ensure that the goals of the National AML Committee (NAMLC) are also achieved is also a critical part of the role. A key element here will be your ability as Deputy to lead employees to encourage maximum performance and dedication in the delivery of a very ambitious FRC agenda. You will also have demonstrable abilities in the raising and management of resources for the FRC, with good stakeholder liaison skills in order to support the Director.

The Deputy Director (DD), role is a key member of the senior management team, reporting only to the Director. As the Deputy, you will maintain oversight of diverse business operations, so experience and efficiency in leadership are critical. Additionally, the highly demanding but highly rewarding nature of institution building with a dedicated team mean that you will have the highest standards, with excellent people skills, business acumen and exemplary work ethics.

Your goal as DD will be to help the FRC get established and grow; securing its functionality to allow it to drive extensive but sustainable growth. You will therefore have an experienced track record in the financial services sector, with a particular emphasis on financial reporting. Specific knowledge of the Somali financial sector and/or similar sector in emerging/fragile economies will prove particularly invaluable, in order to provide support and advice to the Director and FGS on how to establish its nascent FRC. Somalia as a jurisdiction is still in the early stages of implementing comprehensive AML/CFT regimes and will rely heavily on adopting successful approaches from other jurisdictions, particularly those where Somali financial services businesses operate.

Qualifications and Experience:

  • Bachelor’s degree- BSc/BA in Business Administration or relevant field; MSc/MBA is a plus;
  • Either financial services/banking experience; or regulatory experience with a financial or law enforcement agency. (Minimum 10 years, this could be coupled with experience in other related sectors);
  • Proven managerial (minimum 5 years), with an understanding of business functions such as HR, Finance, stakeholder/client management;
  • Knowledge and experience of international institutions and AML/CFT requirements and standards, as well as Somalia AML/CFT regime;
  • Demonstrable competence in strategic planning and business /institutional development;
  • Outstanding organizational and leadership abilities to lead and encourage maximum performance and dedication in a small but growing team of FRC staff;
  • Strong research, report writing, and analytical skills;
  • Resource management and fundraising skills;
  • Excellent interpersonal and public speaking skills;
  • Aptitude in decision-making and problem-solving skills;
  • Working knowledge of data analysis and performance/operation metrics;
  • Working knowledge of IT/Business infrastructure and MS Office;
  • High level of proficiency in Somali and English language, Arabic is an advantage.

Please send CV and covering letter to E-mail hr@frc.gov.so and copy bidsmof1@gmail.com to reach us no later than 24th of July 2021



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