By Goth Mohamed Goth

Hargeisa, Somaliland–The Central Bank of Somaliland convened a landmark National Conference on Combating Money Laundering and Financial Crimes at the Damal Hotel in Hargeisa, uniting government officials, financial regulators, banking leaders, and legal experts to strengthen the nation’s financial integrity and security framework.

Strengthening Somaliland’s Financial System

In his opening address, Central Bank Governor Hon. Abdinaasir Ahmed Hersi emphasized the conference’s strategic importance in advancing Somaliland’s financial governance:

Aligned with President Irro’s vision, we are committed to building stable, transparent, and globally credible financial markets. Money laundering and terrorist financing not only threaten our economic security but also undermine trust in our financial institutions.”

Reviewing Progress, Accelerating Action

Mr. Yasin Jama Ahmed , Director General of the Central Bank, outlined key objectives:
Assessing implementation of Somaliland’s 5-year-old anti-money laundering (AML) law
Identifying gaps in enforcement across financial institutions
Developing actionable measures to enhance compliance

This conference must translate into accelerated progress. All financial institutions must fulfill their obligations under the AML framework,” he stated.

Private Sector’s Pivotal Role

Mr. Khalif Omar Noor, Chairman of Private Banks, highlighted the sector’s economic impact:
*”Somaliland’s private banks channel over $400 million annually into the economy. We recognize our responsibility in maintaining clean financial flows that fuel sustainable growth.”

Legal Perspective on Financial Crimes

Attorney General Jama Hayaan provided critical legal clarity:
Money laundering transforms illicit wealth into legitimate assets, while terrorist financing bankrolls destabilization. Somaliland’s economic future depends on preventing both.”

Expected Outcomes
The conference is projected to deliver:
Enhanced regulatory coordination between the Central Bank and financial institutions
– Revised compliance protocols for AML enforcement
– A roadmap to align Somaliland’s financial system with international best practices

This gathering marks a significant step in Somaliland’s journey toward a secure, transparent, and investment-friendly financial ecosystem.