California bank cuts off money transfers to Somalia, other African countries
” The World Bank estimates that immigrants will send home $436 billion this year.“
Editors note: I’ve been away so hopefully will be able to catch up with the news in a bunch of short posts this morning.
“Somali pirate” greeted by Rep. Keith Ellison in forum to protect money transfer system to Africa. http://www.minnpost.com/community-sketchbook/2014/05/actor-barkhad-abdi-joins-ellison-protect-money-transfer-system-somali-c
The banks (and the feds) fear, of course, that the money being sent from Mom & Pop money transfer companies will end up in the hands of terrorists.
Rules designed to keep money out of the hands of terrorists could soon cut off support to millions of ordinary East Africans too. Last week, another financial institution — Merchants Bank of California — started closing accounts belonging to companies that collect money from African immigrants in the United States and send it…
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