“Today, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on 16 entities and individuals who compose an expansive business network spanning the Horn of Africa, the United Arab Emirates (UAE), and Cyprus that raises and launders funds for Al-Shabaab, a terrorist group affiliated with Al-Qaeda. Individuals within this network include influential businesspeople in the region that lend financial backing to Al-Shabaab, a terrorist group responsible for some of the worst terrorist attacks in East Africa’s modern history.”

“These attacks have claimed the lives of thousands of innocent civilians. These individuals and entities are being designated pursuant to Executive Order (EO) 13224, as amended, which targets terrorist groups and their enablers. 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 threat posed by Al-Shabaab is not limited to Somalia. Al-Shabaab’s revenues are disbursed to other Al-Qaeda-supported groups worldwide and help fund Al Qaeda’s global ambitions to sow discord and undermine good governance. This action continues Treasury’s efforts to disrupt Al-Shabaab’s abuse of the regional financial system and builds on OFAC’s October 2022 designation of a network of Al-Shabaab financial facilitators who served as key interlocutors between Al-Shabaab and local businesses in Somalia” says a Treasury Department press release.