Somalia: Anti-money laundering bill passes

Somali Federal Parliament passed today anti-money laundering and terror investment law unanimously.

136 PMs vote for  the law and 11 opposed while 8 abstained from voting. The law introduces different measures to stop money laundering, by way of tracing, freezing, and seizing illegally obtained funds. The bill criminalize banks to deal with terror suspects groups  and gives anti-money laundering authorities the power to freeze or confiscate accounts while conducting investigations.

Somali government had been pushing hardly to get the law passed saying  investors and International financial institution are in demand and preconditioned to enter Somali markets the existence of such laws.