MOGADISHU, Somalia — After a thorough investigation, a top international forensic accounting and legal team released a report today clearing the Somali government of corruption alleged by the United Nations Monitoring Group on Somalia and Eritrea.

Responding to the July 12, 2013, Monitoring Group Report—specifically Annex 5.2 —forensic accountants from FTI Consulting, Inc., and a legal team from the US firm Shulman, Rogers, Gandal, Pordy & Ecker, P.A, found that the methodology and conclusions in Annex 5.2 were “deeply flawed and entirely unreliable.” Moreover, many of the allegations predate President Hassan Sheikh Mohamud’s administration.

President Mohamud welcomed the report’s conclusions while acknowledging that Somalia is still developing a sound financial architecture after two decades of war.

“As President, it was my responsibility to take seriously the allegations and to direct a thorough assessment of them,” he said. “I am pleased that the investigative team concluded that these allegations were unfounded.

“The international community can be assured that, although there is much yet to be done, Somalia has made considerable progress toward establishing and maintaining the sound fiscal practices appropriate to a modern state.”

Read more: Investigative Team Clears Somalia of UN Report Allegations