‎Somalia Freezes $1 Million in Terror-Linked Funds Following Major Bank Probe

‎Crackdown Targets Al-Shabaab Financing Networks Across 3,500 Accounts
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‎MOGADISHU, SOMALIA – In a significant blow to terrorist financing networks, Somali authorities have frozen nearly $1 million USD after a major investigation into over 3,500 bank accounts, the Office of the Attorney General announced Tuesday.
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‎The extensive probe, conducted jointly with local banks, the Financial Reporting Center (FRC), and international partners, focused on accounts allegedly used by Al-Shabaab and other extremist groups to launder money and fund operations both within Somalia and internationally.
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‎Key Actions & Outcomes:
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‎* Assets Seized: $1 million frozen directly linked to terrorist financing networks.
‎* Ongoing Action: An additional $500,000 suspected of terror links is under active investigation, with legal recovery efforts initiated.
‎* Legal Proceedings: Prosecutors have filed more than 50 cases related to money laundering and terror financing. International cooperation, including with INTERPOL, is underway to locate and extradite suspects believed to be abroad.
‎* Convictions: Authorities secured convictions in over 13 criminal cases related to terror financing and money laundering, demonstrating growing legal capacity.
‎* Network Disruption: The operation successfully dismantled financial networks exploiting public institutions to divert funds to violent groups.
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‎”This seizure marks a major step in safeguarding Somalia’s financial system from abuse by extremist networks,” stated the Attorney General’s Office. “We are resolute in preventing our institutions from being exploited to fund terrorism. These convictions send a clear message: Somalia is building robust legal and institutional defenses against financial crimes linked to extremism.”
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‎Call to Action
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‎The Attorney General’s Office urged Somali businesses and financial institutions to strictly comply with financial transparency laws and international anti-money laundering/counter-terrorism financing (AML/CFT) standards. Citizens are also encouraged to report any suspicious financial activity potentially linked to extremist organizations.
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‎”We ask all Somali citizens to cooperate with the Office of the Attorney General and investigative agencies by reporting suspicious fund movements associated with terrorist groups,” the statement emphasized.
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