Red tape forces Barclays to stop UK Somali workers sending cash home
The Independent, 25 June 2013, Simon Read
Worldwide pressure is growing on governments to find a solution to the withdrawal of banking to money service companies, which is hitting hard-pressed communities in Somalia.
The businesses allow people to send money across the world, and can be crucial in letting migrant workers send their wages back to families abroad.
But the UK Serious Organised Crime Agency has identified money service businesses as a potential money laundering risk and – after HSBC was fined $1.9bn (£648m) for poor money laundering controls last year – international banks have been tightening rules.
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