The Central Bank of Somalia orders the freezing of the funds of 16 people and companies listed on a US sanctions list

The Central Bank of Somalia orders the freezing of the funds of 16 people and companies listed on a US sanctions list

 The Central Bank of Somalia has ordered banks in the country to freeze the funds of 16 people and companies designated by the US Treasury Department for money laundering on behalf of Al-Shabaab.

The central bank instructed local banks to terminate any previous business relationships and close business accounts of sanctioned entities and persons.

Last week, the US Treasury Department accused individuals and companies that it said were part of an international network to raise money for the Somali Al-Shabaab movement, which the United States has classified as a terrorist organization.