Somali Parliament Approves Three Key Financial Laws

Mogadishu, SONNA – The House of the People of the Federal Republic of Somalia has approved three crucial draft laws aimed at strengthening the country’s financial sector and regulatory framework. The approved legislation includes:

1. The Financial Institutions Law – A key reform to regulate banking and financial services, ensuring stability and compliance with international standards.
2. The Insurance Companies Law – A comprehensive legal framework to oversee the insurance sector, fostering growth and consumer protection.
3. Amendments to the Anti-Money Laundering and Counter-Terrorism Financing Law – Strengthening measures to combat financial crimes, enhance transparency, and align with global efforts against illicit financial activities.

These laws mark a significant step toward improving Somalia’s financial governance, attracting investment, and reinforcing economic reforms. The Federal Government remains committed to implementing effective financial policies that promote transparency, accountability, and sustainable development.