HSM: Somalis will be required to have a Personal Identification Number to conduct transactions. Developing a Finance Reporting Center.

bidenkulaha

GalYare

Hassan Sheikh: How Somalia is blocking Al-Shabaab financial flow

Somalia is putting progressive mechanisms to block al-Shabaab's financial fortunes, President Hassan Sheikh Mohamud has reiterated, in the wake of the group's insurgency which has triggered civilians to carry arms against the militants.

Al-Shabaab, an Al-Qaida-affiliated group, has been fighting in the country since 2006, with an aim of toppling the fragile UN-backed federal government, but it has often faced resistance from the Somali National Army [SNA], government-allied militia, and the peacekeeping mission teams.

In an interview with the Center for Strategic International Studies [CSIS], Hassan Sheikh, who was re-elected in May after five years in cold, maintained that Somalia is reviewing her fiscal policy, including through the establishment of government agencies that monitor the flow of money.

This move, he noted, will help the government detect money being smuggled into the country to assist the Al-Shabaab, adding that the state has since entrusted the Finance Reporting Center [FRC] with duties to regulate the flow of cash from all financial institutions.

"Al-Shabaab financing is a big issue in Somalia," he said. "We developed Finance Reporting Center [FRC] which is basically a financial intelligence unit. We put the law in place and we are putting more laws which expose the movement of money to the government," added the president.

"These institutions are working with banks, with remittances companies and within where that money is important," Mohamud said, just as he stressed his full-blown strategy to weaken the group, which controls huge swathes of rural central and southern Somalia.

To further transform the transaction process, the president noted, all Somalis will be required to have a Personal Identification Number [PIN] which will be used to identify all individuals to avoid suspicious transactions, a loophole Al-Shabaab militants have been using for over a decade.

"We are now emphasizing the use of PIN which wasn't there before and we are staffing the agency in charge with the help of World Bank," Hassan Sheikh added. "Soon, nobody will be transferring money randomly without a check and they will all be tracked."

Besides suspected financial aid from abroad, the group has been depending on extortion of local businesses in form of taxes, forcing traders to part with huge sums of money to help the group sustain its unscrupulous activities across the Horn of Africa nation.

A report published by the United Nations Special Rapporteur showed that the group runs an annual budget of about $100 million with almost $24 million going to the purchase of weapons. Yemen was identified as the entry route for smuggled weapons to the country.

Hassan Sheikh's sentiments come at the time Somalia National Army and local militia are gaining ground within Galgaduud, Hiiraan, and Bay regions, where the group has been dominant. According to the state media, over 75 Al-Shabaab militants have been killed in the last 24 hours across Somalia.

There are close to 23,000 peacekeepers working with the African Union Transition Mission in Somalia [ATMIS] who have also been instrumental in degrading the militants. The US also dispatched 500 elite soldiers to Somalia to help in training and equipping the local army.
 

cow

VIP
It was going to be one of farmaajo biggest projects on his next term if he won. It good culusow is continuing it, looks like it is the IMF that is forcing culusow. As farmaajo already laid out the plan to the IMF.
 
It was going to be one of farmaajo biggest projects on his next term if he won. It good culusow is continuing it, looks like it is the IMF that is forcing culusow. As farmaajo already laid out the plan to the IMF.

You wouldn't support HSM even if he implements at least 70% of Farmajo's policies I bet
 
Mahsallah this is a brilliant idea. It would make it hard for terrorist and enemies to live and hide in our country. This will help to make our people more safe and to follow and capture terrorist more easily
 

bidenkulaha

GalYare
Given Somalia is a cash less society it should be very beneficial. All transactions within Somalia can theoretically be traced. This will also be good for taxation revenue
 
I think the government is getting ready for the next level. Once we wipe out Al-shabab from Somalia. They will try and infiltrate into the local population. Technology like this will help us find and capture them quickly. We will also be able to trace money coming into the country and how it is being used i.e Qatar and others financing terrorism and instability in Somalia.
 
This is one of the World Bank and IMF reforms, and this a report by minister Bayle.
ID.png
 

bidenkulaha

GalYare
EU VP’s article on his visit and Somalia


However, I also stressed that we are moving towards a more transactional partnership with the Somali authorities. EU support cannot be taken for granted and European citizens need to see that our engagement in Somalia bears fruit. For that, Somalia’s leaders have to deliver a more secure, stable and democratic Somalia, delivering basic services and security to its people.

This is very good and long overdue. If FGS/FMS don’t make progress on reforms/poverty reduction/reducing corruption etc then EU/US should scale back support. It’s the only language Somali politicians will understand
 
EU VP’s article on his visit and Somalia




This is very good and long overdue. If FGS/FMS don’t make progress on reforms/poverty reduction/reducing corruption etc then EU/US should scale back support. It’s the only language Somali politicians will understand

EU will never help us. We have to help ourselves. Good governance, leadership, security and taxation.
 
I hate Bayle, that langaab corrupt dude sickens me. A pure parasite.
He wasn't that bad, and he made a good job when dealing with the World Bank and IMF, and one of his qualities is he separated financial affairs from political disputes so PL & JL were meeting him regularly at the height of their disputes with FGS.
 

Rakoon

Secessionist
There are surveillance cameras installed almost in every intersection in the capital collecting data and haven't stopped nothing but infringe on the privacy and freedoms of the people

I support the government fight against the khawarij but very suspicious of them tracing every Financial transactions and not intending to tax incomes later
 

Periplus

Minister of Propaganda
VIP
It was going to be one of farmaajo biggest projects on his next term if he won. It good culusow is continuing it, looks like it is the IMF that is forcing culusow. As farmaajo already laid out the plan to the IMF.

Your cuqdad is so apparent.

Wallahi these NN and HSM supporters are just as bad as each other. None of them are willing to give credit where it’s due.

Congrats to NN for making this policy.

Congrats to HSM for following through and making it a reality.

How fucking hard is that.
 
He wasn't that bad, and he made a good job when dealing with the World Bank and IMF, and one of his qualities is he separated financial affairs from political disputes so PL & JL were meeting him regularly at the height of their disputes with FGS.

He was pro Farmajoo and very rude to PM Rooble. I hate that parasite.
 

Laagite

الداروودي
He wasn't that bad, and he made a good job when dealing with the World Bank and IMF, and one of his qualities is he separated financial affairs from political disputes so PL & JL were meeting him regularly at the height of their disputes with FGS.
He's an MBA and PHD in business and finance and worked for the African Development Bank, was a professor before getting into Somalian politics. He's got the credentials unfortunately its Somalia so a Taxi driver will have more of a chance to take his postion as MoF if they got the connections.
 
Top