Acronyms that contain the term Barakaat 

Barakaat

Al-Barakat, or Al-Barakaat (Arabic: البركات), which means "Blessings" in Arabic, is a group of companies established in 1987 in Somalia. The firm is involved in the modern form of hawala, an informal value transfer system and remittance method. By 2001, Al-Barakat had outlets in 40 countries, and was the country's largest private employer. It handled about $140 million USD a year from the Somali diaspora, and also offered phone and internet services.After the 9/11 attacks in United States, the US government listed Al-Barakat as a terrorist entity, seized its assets, and detained several people associated with the company. The firm's shut down placed an enormous strain on Somalia's economy, as a majority of residents were dependent on remittances sent by relatives based abroad. In 2006, the US and UN officially removed Al-Barakat from their blacklists, finding that there was no evidence of the company's involvement in funding of any terrorist activities. In 2014, a ceremony was held to mark the relaunching of the firm. As of 20 October 2018 the Al-Barakat group of companies is sanctioned by the US Office of Foreign Assets Controls, and remains on the US watchlists. https://sanctionssearch.ofac.treas.gov/Details.aspx?id=379 On 12 February 2020, Barakaat Group of companies were entirely removed from the sanctions list by U.S Office of Foreign Assets Control (OFAC). This deletion completes a long process of delistings that spanned two decades and begun at the UN Sanctions Committee to finally conclude in early 2020 at OFAC for owners, executives, and member companies of the group.

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