Somalia Finance Minister A.Beileh has challenged Somalia’s business community to invest the country and not elsewhere in an apparent reference to Kenya.
Addressing the media Somalia Finance Minister A.Beileh said that Kenya has benefited from Somali a lot and thus it should target its community.
Dr. Abdirahman Beileh urged Somalis to be repatriating their scattered wealth home for safekeeping and to stimulate the country’ economy.
Dr Abdirahman Beileh, the Finance Minister urges Somalis to seriously consider repatriating their scattered wealth home for safekeeping and to stimulate the country’ economy
He quoted Arabic proverb which roughly translates – Maro aadan lahayn Maroor kuuma daydo.
Classic gag🤣 pic.twitter.com/1O5FekSTVo— M.A. Cagey (@MA_Cagey) May 21, 2019
He quoted Arabic proverb which roughly translates – Maro aadan lahayn Maroor kuuma daydo.
BREAKING Somalia Finance Minister A.Beileh has challenged Somalia's business community to invest the country ¬ elsewhere in apparent reference to Kenya which started launched targeted searches on Somali owned money transfer companies .He was speaking reporters in #Mogadishu pic.twitter.com/FL0SyPd55w
— Radio Dalsan (@DalsanFM) May 21, 2019
Kenya had earlier launched searches on Somali owned money transfer companies in connection to money laundering.
According to the 2014 US government money laundering and narcotics report, Kenya remains vulnerable to money laundering and financial fraud. “Kenya is a transit point for international drug traffickers. Trade-based money laundering is a problem in Kenya, though the Kenya Revenue Authority has made recent strides in improving internal monitoring and collection procedures,” the report says.
It’s been an open secret that Somalians living in Kenya as refugees are engaged in criminal activities including financing AlShabab, money laundering, drugs, weapons, prostitution, human trafficking and so on. Kenya must act and act fast to sort them out before it’s too late.
— Abdirahma Ibrahim (@ateye19742016) May 22, 2019
Two years ago, the government shut 13 Somalia-linked firms in April, saying it wanted to prevent militant Islamists from using them to finance attacks.
Kenyans Somalis accused the government of blanket punishment.
The United Nations estimates that Somalis in the diaspora, almost all of whom are Muslim, send home about $1.6bn (£1.1bn) annually, significantly more than foreign aid.
In Kenya, criminals that have been found engaging in money laundering are hardly prosecuted.
This acts as an enabler of money laundering in that there is hardly any enforcement of money laundering legislation. #ABCBankMoneyLaundering— Phil (@philogutu) May 18, 2019
More than 40% of Somalis receive remittances, the bulk of which are used for basic needs, including food, clothes, medicine and education, according to a UN survey.
Somalia has not had a functioning government since the fall of Siad Barre’s government in 1991, and has been beset by religious and clan conflicts.