Hargeisa, Somaliland — Somaliland President Abdirahman Mohamed Abdillahi Irro inaugurated a high-stakes National Conference on Combating Illicit Money Laundering today, declaring the fight against financial crimes a “cornerstone” of Somaliland’s economic vision.
The landmark gathering at Hargeisa’s Damal Hotel unites government, banking, and civil society leaders to fortify the nation’s financial integrity amid rising regional threats.
In his keynote address, President Irro framed anti-money laundering (AML) efforts as a constitutional imperative and shared national responsibility, stating that “The Constitution of Somaliland mandates us to safeguard national security, promote a free market, and ensure transparency and accountability. Combating illicit financial activities is not just a legal obligation but a cornerstone of our vision for a trustworthy and modern financial system.”
The president outlined sweeping reforms, including enhanced financial governance, rigorous auditing mechanisms, and regular compliance reporting to meet global standards. He urged all citizens and institutions to actively uphold accountability, stressing, “This conference marks a critical milestone in our collective efforts to protect our financial system from criminal activities. We aim to build a robust and transparent financial framework that supports economic growth,” said the Somaliland president.
Convened by the Central Bank of Somaliland (CBS), the conference targets concrete steps to strengthen AML enforcement.
CBS Governor Hon. Abdinaasir Ahmed Hersi linked financial security to national stability, saying, “Our goal, aligned with the President’s vision, is a Somaliland with stable, transparent, and trustworthy financial markets. Money laundering and terrorism financing erode confidence and threaten local security.”
CBS Director General Yasin Jama Ahmed announced a pivotal review of Somaliland’s 5-year-old AML law to accelerate implementation, urging financial institutions to “reflect on progress and expedite efforts.”
Khalif Omar Noor, Chairman of Private Banks, revealed that financial institutions inject over $400 million annually into Somaliland’s economy, underscoring their stake in clean finance.
Attorney General Jama Hayaan defined money laundering as “conversion of illicit funds or financing terrorists,” emphasizing that legitimate capital drives development.
The conference responds to mounting pressure to align Somaliland’s financial systems with international standards as it seeks global recognition. Outcomes are expected to yield actionable policies, reinforcing the nation’s credentials as a stable investment destination in the volatile Horn of Africa.
Somaliland has maintained de facto independence since 1991, with a record of democratic transfers of power.
The event also signals intensified AML efforts following Ethiopia’s recent strategic MoU with Somaliland, which could increase cross-border financial flows.
The U.S. and UK are currently evaluating bills to formally recognize Somaliland, raising the stakes for financial governance reforms.
