Elmi Mohamed, Somali Minister of Finance, has introduced temporary financial sanctions legislation.
While addressing the legislature, the minister emphasized the significance of the law in terms of protecting national interests and bolstering the war on terrorism. According to Elmi, this law is an excellent addition to the anti-money-laundering legislation that the Somali parliament passed in 2016.
The minister stressed the importance of passing this law, saying it is crucial to the ongoing debt relief process.
Lower House ratified the bill on January 14, 2023. According to the statement released by the Assembly, 140 MPs voted in favor of it, 3 MPs voted against it, and there were no abstentions.
Somalia approved an anti-money laundering law in 2016 but still remains ineffective.