REPORT: Al-Shabaab rakes $100 million annually, supports groups outside Somalia

MOGADISHU, Somalia - A report published by the Treasury Department of the United States reveals that Al-shabaab's revenues have not fallen below the $100 million mark, tallying with a similar report issued by the United Nations team two years ago, which investigated the group's sources of finance.

The group, Treasury said, collects $100 million annually through extorting local businesses and individuals, as well as through the financial support of affiliated businesspeople. Of the amount collected, $24 million goes to purchasing modern weapons while the remaining is used for logistics.

The government of Somalia has invested in top-notch operations targeting revenue sources of the group, including through revocation of licenses of businesses remitting 'zakat' to the group. Also, various mobile money transfer firms and bank accounts affiliated with the group have been closed down.

The US says 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-Qa’ida’s global ambitions to sow discord and undermine good governance, Treasury noted.

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.

“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 E. Nelson moments after designating 16 people over links to Al-Shabaab.

“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.”

The group is fighting to topple the fragile UN-backed federal government of Somalia, but cooperation of military forces including the peacekeeping teams has somehow prevented the country from plunging into anarchy or falling to Al-Shabab tricks.

GAROWE ONLINE