ABSTRACT This study examines corporate criminal liability for money laundering in Somalia, focusing on the challenges…
ABSTRACT
This study examines corporate criminal liability for money laundering in Somalia, focusing on the challenges and gaps within the country’s legal and institutional frameworks. As financial crimes become increasingly complex and pervasive, addressing corporate involvement in money laundering is essential to safeguarding Somalia’s economic stability and integrity. The study employs a doctrinal research methodology analyzing of Somalia’s Anti-Money Laundering Act of 2016 and evaluating its effectiveness in holding corporations accountable for illicit financial activities. Through a review of existing literature, legislative documents, and case law, the research identifies critical limitations in enforcement, regulatory oversight, and inter-agency cooperation. The findings indicate that while Somalia has made progress in establishing an anti-money laundering legal regime, significant challenges remain, particularly in areas such as regulatory compliance, enforcement capacity, and inter-agency collaboration. Key recommendations include strengthening legal provisions to ensure alignment with international standards, investing in institutional capacities for detecting and prosecuting money laundering offenses, and fostering collaboration among enforcement agencies. The study concludes that a comprehensive approach to addressing corporate criminal liability for money laundering is essential for promoting transparency, accountability, and economic stability in Somalia’s corporate sector. By implementing these measures, Somalia can enhance its financial systems’ integrity, attract investment, and better participate in the global economy.
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