Head Topics

Opinion: Somalia needs stronger anti-money laundering drive

  • 📰 TheAfricaReport
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 55%

Opinion News

Somalia is fragile zone when it comes to financial crimes because of ambiguity market that can host terror, piracy and money laundering due to lack of strong Central Bank compliance.

After the collapse of the Somali central government, a list appeared of individuals, companies, firms and financial transactions that were sanctioned by the Office of Foreign Assets Control – the financial intelligence and enforcement agency of the United States Treasury Department – and other regulatory bodies that regulate money laundering networks.

The correlation of financial technology advancement and regulations is the beginning of new financial instruments and reshaping strategy and regulatory bodies. Tools of Artificial Intelligence Machine Learning and blockchain have materialised as an explaining feature of AML/CFT endeavours globally.International compliance regulations recognised the risk not only on local scale but on global scale that influencing our financial institutions.

The AML/CFT sector requires integrity and stability of the worldwide financial system to show tangible progress in the region. International cooperation is key.

Source: News Formal (newsformal.com)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 29. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Somalia: UN Special Representative Catriona Laing Bids Farewell to Southwest State of SomaliaThe UN Special Representative for Somalia, Catriona Laing, recently concluded her farewell visits to the Southwest State of Somalia, where she met with President Abdiaziz Hassan Mohamed 'Laftagareen' in Baidoa.
Source: allafrica - 🏆 1. / 99 Read more »

Somalia: Tanzania, Somalia to Heighten Ties On HealthTANZANIA and the Republic of Somalia have agreed to strengthen their partnership on health matters. This was revealed over the weekend by Health Minister Ummy Mwalimu when the President of Somalia visited Tanzania on Saturday.
Source: allafrica - 🏆 1. / 99 Read more »

Somalia: Food Insecurity Plagues Somalia's DisplacedIn Somalia, an estimated 4 million people--or one-fifth of the population--face acute food insecurity; 3.8 million people are displaced from their homes; and 1.7 million children under five are acutely malnourished.
Source: allafrica - 🏆 1. / 99 Read more »

Somalia: Kenya's Miraa Exports to Somalia Suffer Due to High LeviesKenya's miraa exports are taking a severe blow from steep levies, compelling traders in Somalia to halt purchases of the stimulant from Kenya due to its dwindling competitiveness in the market.
Source: allafrica - 🏆 1. / 99 Read more »

Opinion: Partnership and hard work delivered debt relief for SomaliaIn an unprecedented move on 13 December, the IMF and World Bank confirmed a landmark $4.5bn debt reduction for Somalia, signaling a major stride in the nation’s decade-long reform efforts.
Source: TheAfricaReport - 🏆 29. / 55 Read more »

Central African Republic: 20 Dead After Ferry Sinks in Central African Republic, Witnesses SayAt least 20 people have drowned in Central African Republic after a ferry sank while carrying passengers on a river, witnesses said Saturday.
Source: allafrica - 🏆 1. / 99 Read more »