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Somalia Tightens Grip on Financial Crime with New AML/CFT Legislation
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In a major move to combat financial crime in Somalia, President Mohamed Abdullahi Mohamed signed into law the Anti-Money Laundering and Counter Financing of Terrorism Act 2016 on February 21st.
Establishing a Comprehensive Framework for Preventing Money Laundering and Terrorism Financing Activities
The landmark legislation aims to establish a comprehensive framework for preventing and detecting money laundering and terrorism financing activities. The Act empowers law enforcement agencies and public prosecutors to take decisive action against financial crime suspects.
Key Provisions of the AML/CFT Act
- Ability to freeze and seize properties linked to money laundering or terrorism financing offences
- Power of courts to forfeit assets derived from serious crimes
Strengthening Law Enforcement Agencies to Combat Financial Crime
The AML/CFT Act represents a significant step forward in Somalia’s efforts to combat financial crime and protect its financial system from abuse. With this legislation in place, law enforcement agencies are now better equipped to investigate and prosecute individuals and organizations involved in money laundering and terrorism financing activities.
Promoting Economic Stability and Security through Effective Anti-Money Laundering Measures
As Somalia continues to rebuild and develop its economy, the need for effective anti-money laundering and counter-terrorism financing measures has never been more pressing. The implementation of the AML/CFT Act is a crucial milestone in this effort, and it is expected to have a positive impact on the country’s efforts to promote economic stability and security.
Sources:
- Anti-Money Laundering and Counter Financing of Terrorism Act 2016 (Somalia)
- Official Bulletin of the Federal Government of Somalia