Somali Central Bank (SCB) absolved four firms accused of facilitating money laundering in the country.
The four money remittance firms were accused of enabling the financing of Al-Qaeda and Al-Shabaab activities in the region.
The four Somali firms accused of this were Amal, Dahabshill, Taaj, and Iftin.
SCB’s Licensing and Supervision Department carried out a forensic audit on the four Money Transfer Bureaus (MTBs).
It then issued a report stating that there was no evidence supporting the claims made against the four firms.
Nevertheless, the audit report states that improvements are required to ensure that all stakeholders in the MTB sector comply with the law.
Further, in its report, the regulator also recommends hefty penalties for firms that flout the law.