Somali Central Bank Ramps up Anti-Money Laundering Campaign

GOOBJOOG NEWS | MOGADISHU: The Central Bank of Somalia has said it has enhanced its efforts to implement the anti-money laundering and countering the financing of terrorism (AML/CFT) regulations to combat financial crime.

Speaking at the Central Banking Spring Meetings in South Africa, Central Bank of Somalia’s Deputy Governor Ali Yassin Sheikh said the central bank has adopted new technology in combating financial crimes in the country.

The Federal Government of Somalia has in recent months implemented a raft of measures to curb financing of terrorism including; the blocking of seven million US dollars, the closure of 670 telephone numbers, and the shutdown of 110 merchant accounts reportedly linked with terrorist networks.

The government said the terrorist networks allegedly used these numbers and accounts to threaten, extort, and hoard money from Somali businesses.

Last year, the government closed approximately 250 accounts linked to militants in four banks and also disrupted the network and data services of around 70 mobile phones used by militants to transfer money.