Markets Wired

WASHINGTON – From July 24 – 29, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson will travel to Nairobi, Kenya and Mogadishu, Somalia to underscore the U.S. commitment to strengthening financial connections with Africa. He will discuss strengthening anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks and Treasury assistance for capacity-building in those areas; innovative solutions, including through fintech, to achieve safe financial inclusion given the negative impact of de-risking in Africa; combatting illegal wildlife trafficking; and enhancing partnerships to address regional security issues, with a focus on combatting ISIS and al-Shabaab, to combat the illicit flow of funds and goods fueling instability in the region. 

Under Secretary Nelson will also discuss Somalia’s progress toward debt relief this year under the HIPC framework, as well as the prolonged spillover effects in the region of Russia’s war against Ukraine. He will highlight the continued sanctions exemptions for food and agricultural transactions, including those highlighted in the recent U.S.-U.K. humanitarian fact sheet.

In Kenya, Under Secretary Nelson will meet with top government leaders and the private sector, including convening a roundtable of financial institutions and meeting with local fintech firms. In Mogadishu, he will meet with government officials, the Somali Bankers Association, and the Money Transfer Business Association.

This is Under Secretary Nelson’s second trip to the continent and his first to East Africa, and builds on Secretary Janet Yellen’s travel to Senegal, Zambia, and South Africa earlier this year. Last month, the U.S.-South Africa Task Force on Combating the Financing of Wildlife Trafficking, which was announced during Secretary Yellen’s travel and which Treasury co-leads, held its first meetings on illicit finance issues in Pretoria, South Africa. The United States will continue to engage with African partners to build a stronger, more resilient economy. 

###