,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #giic  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ai1 #bjbf,mr4
 ,rose 7for himself1 ,mr4 ,ogles1 and   
,mr4 ,harrigan7 introduced the following
 bill2 which was referred to the        
,committee on ,financial ,services  ,a  
,,bill  ,to require the ,secretary of   
the ,treasury to submit to ,congress a  
comprehensive report on barriers to     
,somaliland's access to the ,united     
,states financial system1 and for other 
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,somaliland         
,economic ,access and ,opportunity ,act4
  #b4 ,findings and sense of ,congress  
7a7 ,findings ,congress finds the       
following3  7#a7 ,somaliland occupies a 
strategically significant position in   
the ,horn of ,africa1 adjacent to       
critical maritime routes in the ,gulf of
 ,aden4  7#b7 ,financial engagement with
 ,somaliland has the potential to       
advance ,u4,s4 interests in regional    
security1 and economic stability4  7#c7 

,somaliland faces legal1 regulatory1 and
 institutional barriers in accessing the
 ,united ,states and international      
financial systems1 which may adversely  
impact remittances1 trade1 anti-money   
laundering efforts1 and                 
counter-terrorism financing4  7#d7 ,the 
,united ,states has a national security 
and humanitarian interest in ensuring   
that ,somaliland's financial sector     
operates with transparency1 integrity1  
and compliance with international       
standards4  7b7 ,sense of ,congress ,it 
is the sense of ,congress that-- 7#a7   
the ,united ,states should explore      
opportunities to promote stronger       
financial cooperation and transparency  
with ,somaliland to encourage stability 
and expand economic engagement2 and     
7#b7 enhanced financial access1         
conducted under appropriate compliance  
safeguards1 would serve to strengthen   
,u4,s4 policy objectives in the region4 
#c4 ,report on barriers to ,somaliland's
 access to the ,united ,states financial

 system  7a7 ,report required ,not later
 than #ahj days after the date of       
enactment of this ,act1 the ,secretary  
of the ,treasury1 shall submit to the   
,committees on ,financial ,services of  
the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate a        
comprehensive report analyzing barriers 
to ,somaliland's access to the ,united  
,states financial system4  7b7 ,elements
 ,the report required under subsection  
7a7 shall include the following3 7#a7   
,identification and analysis of barriers
 ,an examination of legal1 regulatory1  
and policy barriers that limit          
,somaliland's access to the ,united     
,states financial system1 including--   
7,a7 issues relating to ,somaliland's   
international recognition status2  7,b7 
compliance with ,know ,your ,customer   
7,,kyc71 anti-money laundering 7,,aml71 
and counter-terrorism financing 7,,ctf7 
standards2 and  7,c7 challenges related 
to remittance flows4  7#b7              

,recommendations for ,united ,states    
engagement  7,a7 ,recommendations for   
steps the governing authorities of      
,somaliland can take to enhance         
compliance with international financial 
standards1 including adherence to       
,international ,monetary ,fund 7,,imf71 
,world ,bank1 and ,financial ,action    
,task ,force 7,,fatf7 norms4  7,b7      
,recommendations for steps the          
,government of the ,united ,states may  
take to facilitate financial access for 
,somaliland1 including-- 7i7 encouraging
 the ,department of the ,treasury to use
 the ,united ,states voice and vote at  
international financial institutions    
7including the ,,imf1 ,world ,bank1 and 
,,fatf7 to promote financial engagement 
with ,somaliland2  7ii7 evaluating      
whether ,world ,bank and ,,imf resources
 are allocated to ,somaliland in a      
manner consistent with its population   
and development needs2 and  7iii7       
assessing the steps necessary to        
incorporate ,somaliland into the ,,swift

 financial messaging and payment system4
  7#c7 ,mitigation of illicit finance   
risks ,recommendations on mechanisms and
 technologies to prevent money          
laundering1 terrorism financing1 and    
other illicit activities in connection  
with remittances and ,u4,s4 financial   
system access1 including guidance on    
information sharing1 due diligence1 and 
monitoring tools4  7c7 ,consultation    
,the ,secretary of the ,treasury may--  
7#a7 in preparing the report required   
under subsection 7a71 engage directly   
with-- 7,a7 relevant officials of       
,somaliland1 including officials from   
the--  7i7 ,ministry of ,finance and    
,economic ,development2  7ii7 ,ministry 
of ,foreign ,affairs and ,international 
,cooperation2  7iii7 ,office of the     
,economic ,advisor to the ,president2   
and  7iv7 ,central ,bank of ,somaliland2
 and  7,b7 private-sector financial     
institutions and other stakeholders2 and
  7#b7 if the ,secretary determines it  
appropriate1 engage directly with such  

officials in future dialogues4