Tag: Economics

In recent years, the Federal Government of Somalia, with international partners, has made meaningful progress in establishing a modern financial regulatory framework. New legislation has established the framework for anti–money laundering efforts and measures to combat the financing of illicit activities, while also encouraging modernization across the industry. For financial institutions in the country, these reforms present both challenges and opportunities: stricter compliance requirements demand investment in systems and processes, yet they also offer the chance to strengthen trust, expand services, and integrate more fully with the global financial community.