Somaliland Economic Access and Opportunity Act

Study to expand Somaliland financial access

If enacted, the Treasury Department would have to deliver a report within 180 days of enactment. The report would go to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs. It would analyze legal, regulatory, and policy barriers to Somaliland’s access to the U.S. financial system. Topics would include Somaliland’s recognition status, KYC/AML/CTF compliance, and remittance challenges. The report would recommend steps Somaliland could take to meet international financial standards and steps the U.S. could pursue, including encouraging use of U.S. voice and vote at IMF, World Bank, and FATF, evaluating IMF/World Bank resource allocation, and assessing steps to include Somaliland in SWIFT. It would include recommendations on technologies and controls to reduce money laundering and terrorism-financing risks in remittances, such as information sharing, due diligence, and monitoring tools. The Secretary could consult specified Somaliland officials and private financial institutions while preparing the report. The bill would not authorize new funding or create new programs beyond the report.