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ARTICLE · 11 FEBRUARY 2014

Update On Money Service Businesses

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We mentioned money transfer services to Somalia and issues arising from the Money Laundering Regulations 2007 in one of our articles published last October.

United KingdomGovernment, Public Sector
Gwen Godfrey
Gwen Godfrey

We mentioned money transfer services to Somalia and issues arising from the Money Laundering Regulations 2007 in one of our  articles published last October. A case has now been heard in the High Court.

  • Following an internal review in late 2012/early 2013, Barclays decided to reduce its exposure to "money service businesses" (as defined in the regulations), particularly where its customers were remitting funds to Somalia
  • It gave notice to those customers of its intention to withdraw the banking services it provided to them, which attracted a good deal of publicity.
  • Subsequently the customers applied to the High Court for interim injunctions to prevent Barclays doing so, which were granted on 5 November 2013 (Dahabshiil Transfer Services Ltd v Barclays Bank plc and Harada Ltd & another v Barclays Bank plc [2013] EWHC 3379 (CH)).

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