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ARTICLE · 15 OCTOBER 2013

Money Transfer Services To Somalia

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Somali authorities estimate that $2bn in remittances – a significant percentage of its GDP – is channelled to Somalia through hawala, or small money-transfer businesses.

United KingdomFinance and Banking
Gwen Godfrey
Gwen Godfrey

Somali authorities estimate that $2bn in remittances – a significant percentage of its GDP – is channelled to Somalia through hawala, or small money-transfer businesses.  According to Oxfam, an estimated $162m is sent annually by the UK's Somali diaspora.

One of the UK's banks has decided to close the accounts of some Somali money service businesses (MSBs) to minimise the risk of falling foul of money-laundering regulations.  This was on the basis that some money service businesses do not have the proper checks in place to spot criminal activity and could unwittingly be facilitating money laundering and terrorist financing. The bank has been asked to reconsider its decision, since Somalis do not have alternatives available to them.

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