Somalia will reform the banking system as a solution for preventing and eliminating money laundering.
Dr. Elmi M. Nur, the federal Minister of Finance, announced that the Central Bank of Somalia (CBS) would lead the reforms.
Dr. Nur said this while addressing the Somali International Investment Conference (SIICO2022) on Tuesday.
SIICO2022 ran from November 28-29 in Mogadishu.
He told investors that CBS had already initiated the “enormous reforms” required to prevent and reduce all forms of financial crimes in the East African nation.