Somalia’s economy remains heavily dependent on remittances from the Somali diaspora, which the International Monetary Fund estimates account for approximately 23 per cent of Somalia’s GDP. However, examining and supervising such transactions is difficult as Somalia’s formal banking sector is nascent and underdeveloped. Concerns over the lack of a basic, functioning, regulated financial sector and weak financial regulation and oversight, including customer identification measures, have eroded international confidence in Somalia’s financial firms.