Washington- U.S. Congressman John Rose has officially introduced a bill titled the Somaliland Economic Access and Opportunity Act, which is co-sponsored by fellow lawmakers Pat Harrigan and Andy Ogles.
The legislation reflects growing U.S. political support for the Republic of Somaliland, aiming to strengthen economic and security ties between the two sides.
The bill specifically highlights the challenges faced by Somalilandโs banks and businesses, particularly in accessing global financial systems such as SWIFT, which affects trade, investment, and efforts to combat money laundering and the financing of terrorism.
Under the proposed legislation, the U.S. Secretary of the Treasury would be required to submit a comprehensive report to Congress within 180 days, addressing these challenges, compliance with international standards, and measures to enhance transparency and confidence in Somalilandโs financial system.
According to reports from the Somaliland News Agency (SOLNA), which cited multiple sources, the bill also recognizes Somalilandโs strategic role in the region, emphasizing that a robust financial system is vital for economic stability and development.
The legislation could pave the way for new economic opportunities and bolster international investor confidence in the Republic of Somaliland.
