CGCC hosted an expert roundtable on “Improving the Regulation of Somali Remittances” in Nairobi, Kenya. The meeting, held with the support of the Government of Denmark, served as a platform for identifying innovative and practical solutions to enhance the regulatory oversight and financial integrity of the Somali remittance sector.
The roundtable allowed for candid discussions among regional regulators, East Africa-based remittance companies, government officials, public and commercial banks, independent consultants, and regional and international bodies. The meeting was attended by a number of local and international experts, representatives of remittance companies operating in Somalia, as well as officials from the Somali Ministry of Finance and Planning, the Central Bank of Kenya and the Kenyan Financial Reporting Centre. Experts from the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), INTERPOL, and the United Nations Office on Drugs and Crime (UNODC) also participated.
The expert roundtable provided an opportunity to assess the progress made by the newly-formed Somali Money Service Association (SOMSA), which seeks to streamline compliance standards for member remittance companies, improve self-regulation among Somali businesses, and enhance the public image of the Somali remittance sector. Upon the conclusion of the meeting, working groups finalized a series of concrete recommendations to share with the Central Bank of Somalia and SOMSA.