Mogadishu (KAAB TV) – During its sixth and seventh sessions today, members of the People’s Assembly of the Parliament of the Federal Republic of Somalia approved the Insurance Companies Bill and an amendment to the law combating money laundering and terrorist financing.

The bill was approved by 141 representatives, with two MPs abstaining and none voting against it.

Additionally, the Parliament approved the Financial Institutions Bill, with 142 votes in favor, one abstention, and no opposition.

The Minister of Finance, Bihi Iman Cige, expressed his gratitude to the members of the House of Representatives for their support in passing these important bills. He emphasized that the legislation is crucial for the advancement of Somalia’s financial system.