WASHINGTON, D.C. (HornPost)— Rep. John Rose urges a review of barriers limiting Somaliland’s access to U.S. financial markets after meeting President Abdirahman Irro in Washington.
U.S. Rep. John Rose said he met with Somaliland President Abdirahman Mohamed Abdullahi, also known as President Irro, in Washington and reaffirmed his support for legislation aimed at examining obstacles to Somaliland’s access to U.S. financial markets.
“It was an honor to welcome Somaliland President Abdirahman Mohamed Abdullahi to my office in Washington today,” Rose said in a statement. “The people of Somaliland have worked hard to strengthen their relationship with the U.S. and our allies.”
Rose said he is leading legislation intended to remove barriers affecting Somaliland’s connection to U.S. financial systems, calling it beneficial to both sides.
The Tennessee Republican has introduced H.R. 7993, the Somaliland Economic Access and Opportunity Act. The measure would direct the Treasury Department to report to Congress on legal, regulatory and policy barriers that limit Somaliland’s access to the U.S. financial system.
During a congressional hearing, Rose asked Treasury Secretary Scott Bessent whether stronger financial ties with Somaliland could advance U.S. economic and security interests, particularly as China expands its influence in the Horn of Africa.
Rose cited Somaliland’s location along the Gulf of Aden, near major global shipping routes, as a factor in its strategic importance to the United States.
The proposed Treasury report would examine Somaliland’s international status, sanctions exposure, compliance with anti-money-laundering and counterterrorism-financing standards, remittance flows and access to international financial institutions. It would also assess what steps could be needed to connect Somaliland to the SWIFT financial messaging system.
Bessent said questions about Somaliland’s recognition should be deferred to the State Department. However, he said stronger economic engagement with the United States can support sustainable development and generate resources.
When Rose asked whether the Treasury Department would review the bill, Bessent said he would have his international affairs staff brief him and engage with Rose’s office. Bessent also said the department has the expertise and capacity to conduct the requested assessment within 180 days.
Somaliland, which declared independence from Somalia in 1991, operates with its own government and institutions but has not been formally recognized as an independent country by the United States or the international community.
Potential Economic Impact for Somaliland
If U.S. financial barriers affecting Somaliland are reduced, the move could expand access to correspondent banking, international payments and lawful remittance channels. That could make it easier for Somaliland businesses, families and diaspora communities to send and receive money through regulated financial institutions.
Greater access to U.S. and international financial markets could also help attract foreign investment in sectors such as Berbera port logistics, trade, telecommunications, energy and livestock exports. Supporters say clearer compliance standards and stronger anti-money-laundering safeguards could improve investor confidence and reduce the cost and risk of cross-border transactions.
The change could further strengthen Somaliland’s economic links with U.S. companies and other international partners, while improving transparency in financial flows. However, expanded financial access would not by itself amount to U.S. recognition of Somaliland as an independent state, and any progress would depend on Treasury, State Department and international regulatory processes.
Prepared by:
Horn post staff
HARGEISA, Somaliland
