Somalia Passes Anti-Money Laundering And Combatting The Financing Of Terrorism Law; Crackdown On Al Shabaab Financing

Event Summary: Somalia’s President Hassan Sheikh Mohamud signed into law the Anti-Money Laundering and Combatting the Financing of Terrorism bill (AML/CFT) on February 21, 2016. This law will undoubtedly empower the Central Bank of Somalia to implement such like regulations that will ensure money sent from the diaspora community reaches family members and isn’t redirected...