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Somalia freeze the accounts of 16 individuals and companies sanctioned by the US

MOGADISHU (SD) -The Central Bank of Somalia has informed the country’s banks to freeze the accounts of 16 individuals and companies sanctioned by the United States.

In a letter addressed to commercial banks in the country, the central bank instructed them to terminate all business relationships and freeze the accounts of these individuals, to mitigate the risk of funding terrorism.

The sanctions targeted 16 entities and individuals residing in the Horn of Africa region, the United Arab Emirates, and Cyprus, according to a statement released by the U.S. Treasury Department.

They were accused of financially supporting the Al-Shabaab group operating in Somalia.

Their names were not disclosed; however, the United States stated that their assets were frozen to disrupt the financial dealings benefiting the Al-Shabaab group.

The United States views Al-Shabaab as a terrorist organization that raises over $100 million annually, largely from illicit activities that include extorting businesses.

“The threat of Al-Shabaab does not only affect Somalia,” said Matthew Miller, spokesperson for the U.S. State Department. “Al-Shabaab’s finances are linked to other international terrorist networks like al-Qaeda, posing a threat globally.”

The United States also believes that Al-Shabaab is involved in funding Al-Qaeda’s global terrorism activities, undermining world peace and stability.

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