Mogadishu(Mogadishu24)-The Central Bank of Somalia (CBS) has announced sanctions against 16 entities and individuals implicated in expanding business networks across the Horn of Africa, the United Arab Emirates (UAE), and Cyprus, referring to U.S Department of Treasury Press Release on March 11, 2024, regarding to this issue.
The CBS took the same stance with U.S Department of Treasury against Faysal Yusuf Dini (Dini), Mohamed Jumale Ali Awale (Awale), Hassan Abdirahman Mahamed, Mohamed Artan Robel, Abdikarin Farah Mohamed, Farhan Hussein Hayder (Hayder), Abdulkadir Omar Abdullahi (Abdullahi),Omar Sheikh Ali Hilowle (Hilowle) who were the individuals mentioned in the list, based in UAE, Cyprus, Kenya, Uganda and Somalia as well as the entities of Haleel Groups under Hormuud Telecom Company.
"As of March 14 2014, the Central Bank of Somalia concurred the US Treasury’s designation, and pursuant to Article 3 (Terrorism Financing Offences) of the anti-Money Laundering and countering the financing of Terrorism Act, 2016 designated the above mentioned 16 entities and individuals", CBS said in a statement.
The Bank ordered that all licensed commercial banks are directed to do the following three actions :-
1- if not already done upload the names into your customer screening system to prevent any business relationship with him. 2- Terminate any previous business relationship and close the business accounts. 3- Report any previous business relationship and related transactions (if any) to financial Reporting Centre.
"CBS also directs banks to adhere to strict know your customer due diligence procedures in line with the provisions of Article 5 of the AML/CFT law 2016. Moreover each bank should consider its obligation to identify and manage Money laundering and Terrorist Financing risk that could implicate the integrity of its operations in line with Article 9 of the AML/CTF la 2016 as well as reporting obligations to the Financial Reporting Centre as per Article 14 of the AML/CFT la 2016", added the statement.
The Central Bank's enforcement of international sanctions reflected Somalia's resolve to improve its standing in the global financial community and contribute to the collective effort to secure a stable and transparent international financial landscape.
