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SDR FULL INTERNATIONAL BANKING LICENSE HOLDERS: |
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Financial Intelligence of Somalia Democratic Republic gathers information on entities of interest to understand their nature and abilities with the aim to predict their business management behavior. Among other things its activity can include:
- accounting for how a large sum of money obtained by a certain individual disappears;
- detecting relationships between terrorist organizations through remittances;
- checking to see if a certain individual has obtained a large sum of money unexpectedly; etc.
Methods used by financial intelligence to detect suspicious activity often include studying large quantities of transactional data provided by banks as part of regulatory requirements. Transactions made by certain individuals or organizations may be studied. On the other side some investigations can be carried out to identify persons potentially engaged in a particular activity.
With regard to the Somalia International Financial Centre financial intelligence is needed to detect money laundering, which can often represent the part of some other criminal activity.
Money laundering is generally described as activity aiming at hiding or disguising the true origin of criminally obtained proceeds. As a result of such activities the unlawful proceeds seem to have been derived from legitimate origins or constitute legitimate assets. Such proceeds then can be used to purchase gold, diamonds, stock certificates or commercial products that are legal, transportable and transferable. After they have been legally moved from one place to another, they can be transferred to a different owner and converted back to cash.
Very often such schemes of money laundering are used to finance terrorist organizations all over the world. That’s why The Convention for the Suppression of the Financing of Terrorism has been recently created by the UNO and Somalia has signed it, but is yet to become its party.
In compliance with this Convention a modern Anti-Money Laundering Law has been created in Somalia Democratic Republic. In accordance with this law all financial institutions are required to detect, investigate and report transactions of suspicious nature to a local financial intelligence unit.
So, it is the policy of the Somalia International Financial Center to prohibit and actively pursue any activity that enables money laundering or the funding of terrorist or criminal entities. We require from our officials to adhere to anti-money laundering guidelines in preventing to use our products and services for money-laundering purposes.
For instance, to avoid being an unknowing supporter of money launderers the SIFC officers should increase due diligence for having proof of the client’s identity. If a person refuses or is unable to provide the requested information (e. g. show his\her ID with a picture) or his\her behavior is in any other way suspicious such facts should be reported to the local financial intelligence unit. When received such reports are thoroughly reviewed and a decision is made as to whether a Suspicious Activity Report (SAR) should be filed.
Complaints form 
Guidance notes for complaints against offshore entities
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