PRESS RELEASE
Central Bank of Somalia

Mogadishu, February 22, 2016 — The President of the Federal Republic of Somalia H.E. Hassan Sh. Mohamud signed the Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Bill to law on February 21, 2016. The AML/CFT Bill was approved by the Council of Ministers and passed by the Somali Parliament on December 26, 2015. The signed AML/CFT Bill was the product of a yearlong effort by the Central Bank of Somalia and the Ministry of Finance.
The Bill empowers the Central Bank of Somalia to implement AML/CFT regulations and an examination regime to improve and strengthen the nascent financial sector in the country. The AML/CFT Law addresses a wide range of activities/weaknesses including: