The US Department of Treasury has imposed sanctions on 16 companies and individuals for laundering money for the Al-Shabaab militant group.
The sanctioned companies include Kenyan based transport company, Crown Bus which the US says has supported Al-Shabaab’s logistical operations.
In a statement issued on Monday, the US said the individuals compose of an expansive business network spanning the Horn of Africa, the United Arab Emirates (UAE), and Cyprus that raises and launders funds for al-Shabaab.
According to the US al-shabaab generates over $100 million per year by extorting local businesses and individuals, as well as through the financial support of affiliated businesspeople.
“The United States is committed to working with regional partners to root out terror financing networks and the entities they abuse to raise and move funds,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson.
“Today’s action is part of a multifaceted effort by Treasury to support the Somali government’s economic offensive against al-Shabaab—one of three pillars in their campaign to degrade this deadly terrorist group,” he added.
