Somalis living in the United States have been mostly cut off from sending funds to people in their homeland, after banks handling most of the transactions between the United States and Somalia halted service.why would that be?
Under pressure from regulators concerned with foreign funding of terror activity in the war-torn East African country, California Merchants Bank became the latest bank to cut off transfer services to Somalia, according to recent media reports. That followed an earlier decision by US Bank to cut off service.
Oh ...that
San Diego is home to more than 10,000 Somali immigrants.
Pikers, we've got that many in the taxi queue at Washington National.
Each year, people in Somalia receive an estimated $1.3 billion in remittances, according to a report published in 2013 by Oxfam and two other groups. These funds provide a significant boost to the Somali economy. Somalia, with a population of about 10 million, has been mired in civil war since at least the early 1990s. In 2011, it experienced a brutal famine. Somalia also is home to an al-Qaeda-linked terror group known as al-Shabab.
Taxi driving is the business, and business has been goooood
With no funds arriving from emigrated relatives, people in Somalia will struggle to pay for food, clothing and rent, outlets including the Los Angeles Times reported.
The risk of sending funds to terrorists is the impetus for banks stopping wire transfers to that country.
really?