H.R. 7993 — Somaliland Economic Access and Opportunity Act

This section states congressional findings that Somaliland holds a strategically significant position in the Horn of Africa; that financial engagement with Somaliland could advance U.S. interests in regional security and economic stability; that Somaliland faces barriers to U.S. and international financial systems impacting remittances, trade, anti-money laundering, and counter-terrorism financing; and that the United States has national security and humanitarian interests in Somaliland's transparent financial sector. The section expresses the sense of Congress that the United States should promote financial cooperation and transparency with Somaliland and enhance its financial access under appropriate compliance safeguards.

This section directs the Secretary of the Treasury to submit to the House Financial Services Committee and Senate Banking Committee, not later than 180 days after enactment, a report analyzing legal, regulatory, and policy barriers to Somaliland's access to the U.S. financial system—including its international recognition status, compliance with know-your-customer (KYC), anti-money laundering (AML), and counter-terrorism financing (CTF) standards, and remittance flow challenges. The report must include (1) recommendations for steps Somaliland authorities can take to meet International Monetary Fund (IMF), World Bank, and Financial Action Task Force (FATF) standards, and steps the U.S. government can take to facilitate access (e.g., using U.S. influence at those institutions, evaluating resource allocations to Somaliland, and assessing SWIFT system incorporation); and (2) recommendations for mechanisms and technologies to mitigate illicit finance risks from remittances and U.S. system access, including information sharing, due diligence, and monitoring. The Secretary may consult Somaliland officials (e.g., from its Ministry of Finance, Ministry of Foreign Affairs, president's economic advisor, and Central Bank) and private-sector stakeholders in preparing the report and future dialogues.