Somalia Issues New Sanctions List Targeting Al-Shabaab Financiers

GOOBJOOG NEWS | MOGADISHU: Somalia’s National Anti-Money Laundering and Counter-Terrorism Financing Committee (NAMLC) has released a new targeted financial sanctions list aimed at individuals linked to Al-Shabaab, as part of efforts to disrupt the group’s funding networks.

The list, the third of its kind, targets individuals accused of involvement in extortion schemes, including forcibly collecting money from civilians and businesses.

In a statement, the committee said those designated played various roles within the militant network, ranging from fundraising and intimidation of traders to issuing religious justifications for extortion and carrying out attacks against civilians.

The committee warned financial institutions, business owners and the public against engaging in any transactions with those named, as well as individuals listed in previous sanctions releases.

Federal government officials say the move forms part of a broader strategy to weaken the group by cutting off its financial lifelines, alongside ongoing military and security operations.

Somalia has in recent years stepped up efforts to counter illicit financing, working with international partners to strengthen financial oversight and enforcement mechanisms.