Iftin Express, categorically denies and denounces the false and completely fabricated allegations contained in a recent report by Global Initiative according to which one of IE’s financial transactions made in Somalia had not complied with relevant international rules. Iftin Express makes it known that allegations made in this report have been based on a single forged receipt on a pseudo-transaction which had purportedly taken place in March 2020. Internal investigations shared with the relevant Somali regulatory authorities demonstrated the evident manipulation made to construct and disseminate fake financial transaction attributed to Iftin Express.
Reference is made to the Global Initiative report published in September 2020 in which it has been alleged that a number of Somali Money Transfer Organizations (MTOs) have facilitated the transfer of funds on behalf of individuals reportedly involved in illicit arms trafficking between Yemen and Somalia between 2014 and 2020. The same report purports that, among other MTOs, a Bosaso-based Iftin Express branch in Somalia, would have been used once by one of such a suspicious individual who was on a watch-list maintained by international law agencies.
Iftin Express’s Chief Compliance Officer commenting on the said report confirmed that “based on the factual information at our disposal at the moment and the results of internal investigation carried out following the release of the report, Global Initiative has been grossly mislead presumably by third parties whose intent and sinister intents are not known to us at this point in time. Unfortunately, the would-be evidence alleging some sort of financial misconduct on the part of the Iftin Express is based on a fake and clearly forged receipt of a single financial transaction which would have purportedly taken place in March 2020.
Iftin Express is licenced and regulated by Central Bank of Somalia (CBS) to which it reports on quarterly basis. In addition, Iftin Express, as per the national and international relevant rules, regularly reports all Suspicious Activities and Large Transactions to Financial Reporting Centre (FRC) which is the Somalia’s FIU.
Iftin Express has an extraordinarily strong internal compliance system operated by well-trained staff and oversaw by experts. In addition, the company uses modern IT systems and software packages with built-in International sanctions and PEP lists such as OFAC, UK-HM Treasury, EU, etc. Therefore, our system does NOT allow individuals to use multiple names and numbers.
In conclusion, Iftin Express, a renowned and reputed international money transfer company which serves millions of Somali citizens both in Somalia itself and in the Diaspora, categorically denies the above-mentioned false allegations. These misleading assertions (are seemingly intended to) cause serious negative repercussions for the good name and long-standing reputation of our company and the Somali financial sector in general. Considering this potentially harmful reputational risk, in collaboration with other relevant stakeholders, Iftin Express will weigh to take appropriate legal actions against those who might have conspired against our company and interests. At the same time, Iftin Express will continue to remain vigilant to comply with all relevant local, national, and international regulations.