US Franklin Bank Stops Serving Somalia Remmitance Companies

[xiinfaniin]

Franklin Bank oo Joojiyey xiriirkii kala dhexeeyay Xawaaladaha Soomaaliyeed ee Gobolka Minnesota

 

Khamiis, December 01, 2011 (HOL) − Franklin Bank oo Xawaaladaha Soomaalida ay ku lahaayeen akoonnada ayaa ku wargeliyay xawaaladaha Soomaalida inuu joojiyay xiriirkii kala dhexeeyay uuna xirayo akoonnada ay ku leeyihiin, iyadoo bankigan uu yahay midka keliya ee ay xawaaladaha Soomaalidu isticmaali jireen.

 

Mas'uuliyiinta Bankigan oo xaruntiisu ay tahay gobolka Minnesota oo ay daggan yihiin Soomaalida ugu badan ee ku nool Mareykanka ayaa madaxda xawaaladaha ula kulmay mid-mid iyagoo siiyay warqado ay ku qoran yihiin in 15-ka December la xirayo akoonnada ay ku leeyihiin bankiga.

 

Bankigan oo ahaa midka keliya ee ay xawaaladaha Soomaalidu xiriirka la laahayeen labadii sano ee lasoo dhaafay ayay sheegeen madaxda xawaaladuhu inay xubnaha ugu sarreeya bankiga ka codsadeen in loo kordhiyo xilliga la xirayo akoonnada, iyadoo madaxbada bankiyada ay codsigaas ka meermeereen, ayna u sheegeen madaxda xawaaladaha inay dib u eegis ku sameyn doonaan codsiga.

 

Saraakiisha Bankiga ayaa sheegay in sababta ay u xirayaan bankiga ay tahay xukun ay maxamadi ku ridday laba haween Soomaaliyeed ah oo lagu eedeeyay inay lacago u direen Al-shabaab, iyagoo intaas ku daray in la taliyeyaashooda dhinaca sharciga ay kula taliyeen inay xiraan akoonnada ay xawaaladaha Soomaalidu ku leeyihiin bankiga.

 

Arrintan ayaa waxay walaac xooggan gelisay mas'uuliyiinta xawaaladaha dalka Mareykanka, iyagoo billaabay inay Soomaalida ku nool dalka Mareykanak ay ka la kulmaan senetarada laga doorto gobollada ay ku nool yihiin si cadaadis loogu saaro in bankiga uu ka laabto go'aanka uu ku xirayo akoonnada xawaaladaha Soomaalida.

 

Aqoonyahannada ku xeel dheer xawaaladaha iyo bankiga ayaa waxay sheegayaan in tani ay caqabad ku noqonayso lacagihii Soomaalida ay u diri jireen Soomaaliyeed taasoo ay dad badan ku tiirsan yihiin noloshooda.

 

Waxaana jira cabsi soo baxaysa oo ku aaddan inay dhacaan musiibooyin ka daran kuwii ka dhacay Soomaaliya horraantii sannadkan, haddii la joojiyo lacagaha ay Soomaalida Mareykanka ku nooli u diraan ehelladooda ku nool gudaha Soomaaliya.

 

Xawaaladaha Soomaalid ayaa waxay akoonnada bankiga Franlkin u isticmaali jireen inay lacagaha ay u dirayaan Soomaalida sii marsiiyaan, waxaana lacagta inta badan ay ku dhici jirtay xafiisyada ay ku leeyihiin Imaaraadka Carabta, halkaasoo ay uga sii gudbi jirtay Soomaaliya iyo dalalka kale ee bariga Afrika.

 

Warbixin laga soo xigtay Bankiga Adduunka ayaa lagu sheegay in sannad walba ay dadka Soomaaliyeed ee dibadaha ku nool u diraan eheladooda Soomaaliya ku sugan lacag ka badan hal bilyan oo dollarka Mareykanka ah.

 

Bankiyada Mareykanka sida US Bank, TCS Bank iyo kuwo kale ayaa horay u joojiyay xiriirkii ay la lahaayeen xawaaladaha Soomaalida, iyadoo bankigan uu noqonayo kii ugu dambeeyay oo joojiya xiriirka xawaaladaha Soomaalida ee Mareykanka.

 

Maxamed Xaaji Xuseen, Hiiraan Online

maxuseen@hiiraan.com

Muqdisho, Soomaaliya

[kingofkings]

a classic example of few bad apples ruining everything:mad:

[A_Khadar]

This is no good. That was a last and the only left bank that hawals can use in MN.. Most bank close the hawala banks because of the scrutiny from the gov.. Some somalis may smile though;)

[xiinfaniin]

This is the real aid for Somalis , the only reliable life support Somalis have that reaches almost every family back home.

 

This Bank is preventing aid reaching the famine victims

[A_Khadar]

I don't think it's the bank itself. I recall when other banks denied to serve Hawalaas.. It's the rules and scrutiny involve and banks found that it's not worth the hassle.

[Som@li]

Somalis will find a way out.

[Miskiin-Macruuf-Aqiyaar]

Haddee hal cod ku hadli lahaayeen waxaan ma dhaceen. Hal hal loola kulmaa; Soomaalida dacwoonayaana and lobby gareynaayo hal hal ula kulmooyaan to their politicians, according to qoraalka.

 

War hal cod ku hadla, hal urur xawaaladaha u hadla sameysta. Darn it.

[Jacaylbaro]

Hawalas were there before those banks allowed to serve them ,,,,, I believe they will survive

[Miskiin-Macruuf-Aqiyaar]

Somalis fear Barclays closure of remittance accounts will cut lifeline

 

Millions of Somalis depend on remittances from the diaspora, but banks are wary about lack of controls over the flow of funds

 

Somalis have expressed their fear that Barclays's decision to close its accounts with most remittance companies will cut a financial lifeline to millions of people in Somalia. Barclays says it doesn't want to do business with firms that lack adequate controls to monitor where their money is coming from and going to.

 

Academics and Somalis in Somalia and the diaspora have written to Mark Simmonds, a minister in the Foreign and Commonwealth Office (FCO), asking the UK government to work with British banks to find a durable solution. Remittances that support an estimated 40% of the population of Somalia, about 3.8m people, are at stake, they argue.

 

The Somali authorities last year said around $2bn – one-third of the country's GDP – is channelled to Somalia through "hawala" or small money transfer businesses. The letter, signed by more than 100 people, was sent to Simmonds after Barclays notified 75% of its money service businesses (MSBs) to find an alternative bank by 10 July.

 

The Somali Money Services Association (Somsa), a UK trade body for the money transfer industry, has confirmed that 12 of its 17 members have already lost their accounts in the UK, including at Barclays and HSBC. The letter to the FCO says Barclays – the last UK bank providing services to MSBs – is to withdraw services from up to 250 remittance companies.

 

"Somali MSBs provide fast, reliable and trusted transmission of funds from the diaspora (estimated at around 1.5 million people) to their relatives at home," said the letter. "In addition, many other diaspora groups from Horn of Africa – in Ethiopia, Kenya and South Sudan – send remittances to their family members using the same companies."

 

Barclays's decision follows the imposition of a $1.9bn fine on HSBC last year by the US authorities for poor money laundering controls. HSBC said last autumn it would get out of the money-service sector entirely. Meanwhile, Royal Bank of Scotland has been reviewing customers more frequently to ensure they meet compliance standards.

 

Barclays is playing down the impact of its decision, pointing out that 90% of remittances go through larger players such as

Western Union

.

 

"It is recognised that some money service businesses don't have the proper checks in place to spot criminal activity and could therefore unwittingly be facilitating money laundering and terrorist financing," said Barclays.

 

"We want to be confident that our customers can filter out those transactions, because abuse of their services can have significant negative consequences for society and for us as their bank. We remain very happy to serve the many companies who do have strong anti-financial crime controls, including those who send money to Somalia."

 

The letter acknowledge such concerns, but argues that the best way to address them is to promote responsible, transparent and accountable systems in line with existing regulations, rather than by closing down the channels through which funds are sent. There is also the danger, they say, that people will instead send funds through illegal, unsafe and untraceable channels.

 

Laura Hammond, senior lecturer in development studies at Soas, University of London, said the timing was unfortunate at a time when Somalia was showing signs of recovery and given the UK's backing for the new Somali government. "The government in Somalia is the strongest in 20 years," said Hammond, one of the letter's signatories. "Why should the banks respond like this now?"

 

In May, the UK hosted a London conference in Somalia, designed to shore up the legitimacy of Hassan Sheikh Mohamoud, who was elected president in September.

 

Abdirashid Duale, chief executive of Dahabshiil, which has a big presence in Somalia, said it faced an extremely difficult situation. "Barclays has given us two weeks' notice," he said. "It will be hard for us as when we go to another bank; they will ask us why Barclays wanted to close our account. The UK and US governments say they want to help Somalia, but this action won't help."

 

Duale said he had received a letter from Barclays that said the decision to end the relationship was not a reflection of money laundering standards at Dahabshiil or a suggestion that it had unwittingly been a conduit for financial crime, but simply because of the commercial risk to Barclays.

 

The letter to Simmonds urges the UK government to help Somali MSBs find alternative banks, and requests that Barclays extends its termination deadline for at least six months so that the flow of remittance through licensed companies is not disrupted until a more durable solution can be found.

Guardian

 

Dan gaar ah laga leeyahay arrimahaan. Dantaas oo ah the bolded words above.