The Central Bank of Somaliland convened a landmark National Conference on Combating Money Laundering at the Damal Hotel in Hargeisa, bringing together key stakeholders from the financial sector to strengthen the nation’s financial integrity.
In his opening remarks, Central Bank Governor Hon. Abdinaasir Ahmed Hersi emphasized the conference’s critical role in enhancing the operational framework of the Central Bank and Somaliland’s financial institutions. “Our goal, aligned with the President’s vision, is to achieve a Somaliland with stable, transparent, and trustworthy financial markets, both domestically and internationally,” Governor Abdinaasir stated. He highlighted that money laundering and terrorism financing pose significant threats to local stability and erode confidence in the financial system.
The Director General of the Central Bank, Mr. Yasin Jama Ahmed, outlined the conference’s objective to review the anti-money laundering law enacted five years ago and accelerate its implementation. “We must reflect on our progress and expedite efforts as financial institutions bound by this law,” he urged.
Mr. Khalif Omar Noor, Chairman of Private Banks, underscored the vital role of financial institutions, noting that they inject over $400 million into Somaliland’s economy annually. Meanwhile, Attorney General Jama Hayaan defined money laundering as the conversion of illicit funds or financing of terrorist groups, emphasizing that legitimate financial inflows drive economic growth and development.
The conference is expected to yield actionable decisions to bolster the Central Bank’s efforts in advancing Somaliland’s financial system, reinforcing its commitment to fostering a robust and trustworthy economic environment.