Puntland elders defend money transfer companies

Traditional elders in the self-declared autonomous region of Puntland, northeastern Somalia, have defended the remittances companies involved in money transfers from Somalis in the Diaspora to their relatives in Somalia. After the 11 September attacks in the US, some money transfer companies came under suspicion that they were channeling money linked to terrorism, a source told IRIN. The elders said these institutions had come into being as a result of the collapse of the Somali state and the subsequent collapse of financial institutions, 'Xog-Ogaal' a Mogadishu daily, citing a statement released by prominent elders, reported on Tuesday.

According to the paper, the elders' statement said that the following companies were operating in Puntland: Amal Bank, Dahabshil, Barakat, Al-Khayrad, Al-Mustaqbal Express, Al-Mannan Islamic, Karama Express, Salama Express and Kah Express. All these companies were fully owned by Somalis, "and are not linked to terrorism, insurgency, or other forms of crime", said the elders. They said these money transfer companies were not a threat to Puntland, Somalia, or the world, 'Xog-Ogaal' reported.