US money laundering laws and banking decisions hurting Somalia families
September 06, 2013
Adeso invites you to a briefing marking the launch of a new joint research report with Inter American Dialogue and Oxfam America, keeping the Lifeline Open: Remittances and Markets in Somalia.
The briefing will take place on September 6th, 2013 at Safari Restaurant 3010 4th Av South, Minneapolis, Minnesota 55408 from 6pm-8pm. The launch will discuss the impact of bank account closures of US-based money transfer operators to the Somali community.
Every year, a $1.3 billion stream of cash that the people of Somalia depend on for food, shelter, clothing and other necessities is under threat according to a new report from Adeso, the Inter-American Dialogue, and Oxfam America released on July 31st 2013. Fear of US anti-terror and money laundering laws is leading banks to close critically needed bank accounts of US-based money transfer operators. With the lack of a formal banking system in Somalia, families now face the possibility of being unable to access funds from friends and relatives that they desperately require for survival.
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