In an ostensible response to the Somali federal government closing down accounts allegedly linked with the Al Shabaab militants, the group gave a stern warning to the institutions regarding the exposure of clientele information.
Recently the government closed down over 250 bank accounts and 70 mobile transfer firms linked with the militants as the country started implementation of tough measures supporting Al Shabaab.
Sheikh Ali Dhere the group’s official spokesperson voiced that the act of exposing clients’ information to a third party is not only illegal but also punishable
The frontman added that banks should either safe keep customers’ money or refund
President Hassan Sheikh has activated a serious crackdown against Al Shabaab which includes targeting financial institutions that grease the transactions done by the militants.
A number of banks and mobile banking firms have been accused of abetting Al Shabaab monitory services across the country.
A report published by the United Nations established that Al Shabaab runs an annual budget of $100 million with nearly a quarter of it being channeled into the purchase of sophisticated weapons.
While a huge chunk of the money is obtained via illegal taxation of business the group also gets financial assistance from foreign elements
The President believes that targeting bank accounts will bog down the group’s activities in the nation as the government intensifies war against militants in their strongholds
