News Summary: Terror fears stop Somalia transfers

News Summary: Fears of financing terror close money transfer outlet for overseas Somalis

Associated Press

WHO'S GETS THE MONEY? Worries about funding terrorism led Barclays bank to cut ties with the largest cash transfer bank in Somalia, a company that brings in most of the country's $1.2 billion in yearly remittances.

CASH CALL: Payments from family and friends overseas are how many get by, and more than 100 aid workers and Somalia experts signed a letter pleading with the British government to find a solution.

HOLDING THE BAG: Anti-terror laws hold banks — like Barclays — responsible if they transfer money to criminal or terror elements, so fewer are willing to send money into Somalia.

View Comments (0)