Treasury Sanctions Network Funding al Shabaab Terror Group

**U.S. Treasury Sanctions Network Linked to al Shabaab Fundraising Efforts**

The United States Department of the Treasury has announced a series of sanctions targeting a sophisticated international fundraising and money-laundering network that is believed to be supporting the al Shabaab militant group in Somalia. The sanctions, which were revealed on Monday, encompass 16 entities and individuals with operations spanning across the Horn of Africa, the United Arab Emirates, and Cyprus.

Among the entities facing sanctions are three Cyprus-based companies: HALEEL FINANCE LTD, HALEEL HOLDINGS LTD, and HALEEL LTD. HALEEL FINANCE is registered in Nicosia, while the latter two share an address in Limassol. These companies were all incorporated within an eight-month period in 2017, according to records from the Cyprus Registrar of Companies, with one of them having since undergone a name change.

This decisive action by the U.S. government follows a similar round of sanctions issued in October 2022 against another network associated with al Shabaab. The newly imposed sanctions will freeze any assets the designated entities and individuals may hold within U.S. jurisdictions and generally prohibit American citizens and businesses from engaging in transactions with them.

Al Shabaab, which is recognized by Washington as a terrorist organization, reportedly amasses over $100 million annually through various means, including extortion from local businesses. The group, which has ties to al Qaeda, has been actively attempting to overthrow the Somali government since 2006 with the goal of imposing its strict interpretation of Islamic Sharia law.

State Department spokesperson Matthew Miller emphasized the broader implications of al Shabaab’s activities, stating, “The threat posed by al-Shabaab is not limited to Somalia. Al Shabaab’s revenues are disbursed to other al-Qa’ida-linked groups worldwide and help fund al-Qa’ida’s global ambitions to commit acts of terrorism and undermine good governance.”

The international community continues to monitor and respond to the financing networks that support terrorist activities, with these sanctions serving as part of a larger strategy to disrupt such operations and promote global security.

(With information from Reuters)

The U.S

Do you have any questions about the topic of this publication?

Send a request and get a free consultation:

Business Cyprus News, Discover innovative Cyprus Co.

Thanks for the apply!
We will get back to you within 1 business day
In the meantime, you can get a free consultation from our AI assistant:​