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Al Shabab transfers and invests through Somali banks, UN reports

Mogadishu (SD) – The New York Times, quoting a report from the UN Security Council, reports that al-Shabaab in Somalia has used some Somali banks to transfer money.

The Security Council has previously banned financial institutions in dealing with al-Shabaab, but the report alleges that al-Shabaab has found ways to use its bank accounts and money transfer services and make investments.

The report was produced by the UN Monitoring Group on Somalia and is obtained by the New York Times before it was officially released.

Salaam Somali Bank, in response to the New York Times, said it had never opened an account for individuals and entities under sanctions and had taken action against suspicious accounts.

The report, which covers from December 2019 to August 2020, found evidence that al-Shabaab had raised $ 13 million during that period. The money includes $ 2.4 million collected from al-Shabaab checkpoints in both Juba regions, while $ 5.8 million Al Shabab has taken from businesses and the port city of Kismayo.

Somalia’s Finance Minister Abdirahman Duale Beyleh acknowledged that al-Shabaab indirectly uses banks.

Al-Shabaab is believed to use various names and individuals who do not belong to it to open banks, threatening them, making it difficult for banks to act.


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