Mogadishu, Somalia – In a significant move to enhance its anti-money laundering (AML) and counter-terrorism financing (CTF) framework, Somalia’s Parliament approved key amendments to the country’s Anti-Money Laundering and Terrorist Financing Law on Wednesday.
The new legislation is designed to strengthen financial crime measures and align with international standards, marking a major step in Somalia’s ongoing efforts to combat illicit financial activities.
The amendments, which were passed with overwhelming support, aim to bolster Somalia’s efforts to prevent money laundering and terrorist financing—two critical challenges that have hindered the country’s development and stability.
The reform is also seen as an important commitment by the Somali government to meet global regulatory standards and improve its financial system’s transparency and accountability.
The move comes as Somalia has increasingly faced pressure from international organizations, including the Financial Action Task Force (FATF), to address gaps in its financial regulatory framework.
The approval of the amendments signals the government’s willingness to adopt best practices in the fight against money laundering and terrorist financing, in line with the expectations of international financial institutions.
