Somali money transfer companies moved more than $3.7 million in cash between suspected weapons traffickers in recent years, including to a Yemeni under U.S. sanctions for alleged militant links, according to a report seen by Reuters. The findings by a Geneva-based research group, the Global Initiative against Transnational Organized Crime, could further complicate attempts by Somali transfer companies to retain access to international banking services. Though they provide a lifeline to millions in the anarchic Horn of Africa nation, few banks will do business with them because of the risk of falling foul of international transparency and anti-money laundering regulations. Asked about the report, the Central Bank of Somalia, which regulates money transfer firms, said it was unaware of the transfers but would investigate and was in general making progress in countering terrorism financing.
SOURCE: REUTERS AFRICA
More Stories
Movie Review: Refugees Turned Sommeliers
Helping African Tourism Companies and Experiences Space Do Business Online Cheaper
The Largest Tech Hub in Africa Creates an Enabling Tech Ecosystem for Innovators
CAF Launches Lucrative Super League
Nigeria has Promised to Legalize Local Refineries and Set Up Refining Hubs in the Niger Delta
Acclaimed Novelist and Filmmaker Biyi Bandele has Died
Central African Ministers Agree to Merge Two Regional Blocs to Boost Trade and Growth
Arrests Made after Mass Rape in South Africa
Rwanda and the Democratic Republic of Congo Make for Very Unhappy Neighbours
Kenya’s Two Leading Candidates are Running Neck and Neck
China Aims to Overtake the EU as Africa’s Biggest Trade Partner by 2030
A Special Program for African Startups