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Somali Parliament Approves Landmark Financial Reforms to Strengthen Economy

Storyline:House of the People

GOOBJOOG NEWS | MOGADISHU: Somalia’s House of the People has passed three crucial draft laws aimed at fortifying the country’s financial sector and regulatory framework, marking a significant step toward economic stability and reform.

One of the approved legislations, the Financial Institution Law, introduces key regulations for banking and financial services, ensuring stability and alignment with international standards.

Additionally, the Insurance Companies Law establishes a comprehensive legal framework to oversee the insurance sector, fostering industry growth while enhancing consumer protection.

Parliament also approved amendments to the Anti-Money Laundering and Counter-Terrorism Financing Law, reinforcing measures to combat financial crimes and improve transparency.

These changes are designed to bring Somalia in line with global efforts to curb illicit financial activities.

The approval of these laws is a major milestone in Somalia’s economic reform agenda, laying the foundation for a more robust financial system that promotes investor confidence and sustainable development.

The Federal Government remains committed to strengthening financial governance, ensuring transparency, and implementing policies that drive economic growth.