British bank faces backlash for cutting money transfer service to Somalia

Mogadishu(KON)-Somalis are bracing for the impact of the British bank Barclay’s decision to sever ties with most money transfer companies in Somalia. About 250 remittance agencies lost their partnership with Barclays on Monday.
News Keydmedia Online

The banking giant says it is concerned that it does not know where money transfers are going and who is sending the money. With little ability to track cash flows, the company says it is much easier for money launderers and the financing of terrorist activities.

“It is recognized that some money service businesses don’t have the proper checks in place to spot criminal activity and could unwittingly be facilitating money laundering and terrorist financing,” said Barclays spokesperson Daniel Hunger to the UN humanitarian news agency IRIN.

Somalis living in and out of Somalia say that the plan will cut vital flows of money.




Keydmedia Online - Mogadishu Office

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