US sanctions 16 financiers of Al-Shabaab militants
The Treasury said the "expansive business network" was part of an international fundraising and money-laundering web for the Al-Shabaab.
The US Treasury has levied sanctions on 16 individuals and entities across the Horn of Africa and the Middle East, accusing them of laundering money for the Al-Shabaab militant group.
The Treasury said the "expansive business network" was part of an international fundraising and money-laundering web for the Al-Qaeda-linked group operating in Somalia and designated a terrorist organisation by Washington.
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"Individuals within this network include influential business people in the region," the Treasury said in a statement on Monday.
The targeted entities include a Dubai-based fintech with branches and subsidiaries in Kenya, Somalia, Uganda, and Cyprus.
A UAE-based company, which served "as an important money laundering node in the network", and a Kenyan bus company that "supported Al-Shabaab's logistics" were also slapped with sanctions.
"Al-Shabaab generates over $100 million per year by extorting local businesses and individuals, as well as through the financial support of affiliated businesspeople," the Treasury said.
The Treasury said the threat posed by Al-Shabaab is not limited to Somalia.
"Al-Shabaab’s revenues are disbursed to other Al-Qaeda-supported groups worldwide and help fund Al-Qaeda’s global ambitions to sow discord and undermine good governance. This action continues Treasury’s efforts to disrupt Al-Shabaab’s abuse of the regional financial system," it added.
In November 2022, the US imposed sanctions against arms suppliers for Islamic State-Somalia and Al-Shabaab.
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