Iftin Express, one of Somalia’s most popular money transfer companies, has termed the report by Global Initiative as a “fabrication.”
A report prepared by Global Initiative, which Reuters published last week, linked money transfer firms in Somalia to illegal arms trade.
On Thursday, Iftin Express issued a press statement denying any linkage to illegal arms trade or money laundering.
Instead, it blasted the Global Initiative for publishing a “fabricated” report.
Moreover, Iftin Express also dismissed the receipts that the Global Initiative relied on for its report as “fraudulently made up.”
In last week’s report, Reuters alleged that the money transfer firms from the East African nation had facilitated the movement of over $3.7 million in cash.
It alleged that the money transfer was between Yemenis suspected of trafficking weapons illegally around the world.