The Federal Government of Somalia (FGS) has published a national report on money laundering and terrorist financing.
The title is “National Risk Assessment on Money Laundering and Terrorist Financing.”
Authorities in the country were able to rely on the NRA ML/TF Risk Assessment Tool that they received from the World Bank in writing the report.
The report is the first of its kind by the Somali government.
According to the report, the government needs to work closely with various stakeholders to get on top of the situation.
Over the years, reports on money laundering and terrorist financing have been rife in the East African nation.
According to those earlier reports, the lack of functioning systems allowed groups such as Al-Shabaab to thrive in Somalia.