Thursday September 24, 2020
MOGADISHU (HOL) – A Somali based money transfer company has refuted claims it was involved in illicit money transfers following a report by Reuters allegedly linking it to the malpractice.
Iftin Express based in Puntland termed the report as ‘frabricated’ and based on fraudently made up receipts.“Iftin Expressmakes it known that allegations made in this report have been based on a single forged receipt on a pseudo-transaction which had purportedly taken place in March 2020,” the company said in a statement.
A report by Reuters last week alleged that Somali-based Money Transfer Organisations (MTOs) had in recent years facilitated the movement of more than $3.7 million in cash between suspected weapons traffickers including a Yemeni under U.S sanctions.
The report which quotes the campaign group Global Initiative Against Transnational Organized Crime argues that MTOs in Somalia faciltated the transfers.
It mentions Iftin Express noting the Garowe based company ‘handled the transactions, which used different combinations of his name and nickname’.
But in a rejoinder Wednesday, Iftin distanced itself from the report noting it adheres to anti-money laundering regulations and reports all its transations to the Central Bank of Somalia on a quarterly basis.
“Based on the factual information at our disposal at the moment and the results of internal investigation carried out following the release of the report, Global Initiative has been grossly mislead presumably by third parties whose intent and sinister intents are not known to us at this point in time,” the company added.
The company noted it was considering legal action over the reports.