Central Bank of Somalia orders freeze on accounts of 16 people sanctioned by US Treasury

Central Bank of Somalia orders freeze on accounts of 16 people sanctioned by US Treasury

Source: Hiiraan Online, Saturday March 16, 2024

Mogadishu (HOL) – The Central Bank of Somalia has ordered the country’s banks to freeze the funds of 16 people and companies sanctioned by the United States Treasury for laundering money for the al-Shabab group.

The Central Bank on Friday instructed the local banks to terminate any previous business relationships and close the business accounts of the sanctioned people to manage terrorist financing risks.

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Last week, the Treasury said the “expansive business network” was part of an international fundraising and money-laundering web for the al-Qaida-linked group operating in Somalia and designated a terrorist organization by Washington.

The targeted entities include Dubai-based fintech Haleel Commodities LLC with branches and subsidiaries in Kenya, Somalia, Uganda and Cyprus.

UAE-based Qemat Al Najah General Trading, which served “as an important money laundering node in the network,” and a Kenyan bus company that supported al-Shabaab’s logistics were also slapped with sanctions.