By Goth Mohamed Goth
Hargeisa, June 26, 2025 – The Central Bank of the Republic of Somaliland has concluded the inaugural National Conference on Combating Money Laundering and Terrorist Financing. The conference was held in Hargeisa over two days, from June 24 to June 25, 2025.
The event brought together 150 participants, including government officials, financial institutions, anti-money laundering (AML) stakeholders, civil society organizations, local agencies, and international partners. The conference was co-hosted by the International Development Law Organization (IDLO) and the United States Government.
The primary objectives of the conference were to:
– Enhance the government’s commitment to combating money laundering and terrorist financing;
– Present the National Money Laundering Risk Assessment Report for financial institutions;
– Launch the 2025–2030 Medium-Term National Anti-Money Laundering Strategy, to be implemented by the Central Bank and its Financial Intelligence Unit (FIU).
The Central Bank of Somaliland extends its gratitude to all stakeholders and experts who contributed significantly to the conference’s success.
KEY RESOLUTIONS ADOPTED:
- Full implementation of the Anti-Money Laundering Law (No. 87/2019) to safeguard national financial stability.
- Strengthened coordination between law enforcement agencies, judicial bodies, the FIU, and financial institutions.
- Accelerated establishment of a unified Customer Due Diligence (KYC) system for all financial institutions.
- Enhanced technical capacity for FIU staff, AML practitioners, and compliance officers in financial institutions.
- Increased public awareness on combating money laundering.
- Development of tailored frameworks for monitoring small businesses and the informal/street economy sectors.
- Deployment of technology to streamline data collection and mandatory AML reporting.
- Operationalization of the National Anti-Money Laundering Advisory Board.
This conference represents a major milestone in Somaliland’s fight against financial crimes, reinforcing partnerships between national and international stakeholders.