For years, the United States had suspected a group of companies in Somalia of sponsoring terrorism activities in the region. The US then slapped various sanctions on the firm to discourage it from funding terrorism any more.
However, the US has now opted to stop the sanctions.
The company, Al-Barakat, offers informal money transfer services in Somalia and the Horn of Africa region too. Apart from that, its Internet and telcom services are highly sought, as well. Its expertise in logistics is unmatched in the country.
In 2001, the United States Office of Foreign Asset Controls, which is also known as OFAC, banned it. The sanctions stayed in place until Thursday when the US announced that it had removed Al-Barakat from the list of banned companies operating in the region.