A Minnesota-based bank is holding off its decision to stop money transfers to Somalia. Sunrise Bank is moving to stop the money wiring service because of the risk of putting money into terrorists hands.
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Bank working on fix as Somalis fret over money transfer shutdown
Minnesota Somalis are worried after news that the money transfer company that handles most of the community's transactions with Somalia is shutting down amid fears that it may have a hand in routing cash to terrorists. Federal officials say Somalis in America send $100 million a year back to relatives in Somalia, which lacks a formal banking system.
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The director of an Islamic center in Minneapolis says members will close their accounts on May 1 if Wells Fargo doesn't reopen money transfers to the war-torn country, where many Somalis rely on money from friends and family in the United States. The bank decided to shut down transfers to Somalia in 2008. "Really, all I can say is that it was a business decision that was made," a bank spokeswoman tells the Minnesota Daily.
Somali officials plead with U.S. to keep bank transfers flowing from Minnesota
The bank that handles most of the money transfers from Minnesota to Somalia plans to shut down the service. Sunrise Community Banks fears the program could be violating federal laws meant to clamp down on funds flowing to terrorist groups. But Somali officials say the money provides an essential lifeline to relatives in the war-ravaged country and that shutting down the service could lead to a serious humanitarian crisis.
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The Star Tribune reports most of the shops have reopened, but they're using out-of-state banks or credit and often refusing to name their new business partners. Many U.S. banks have stopped wiring money to Somalia because they fear they'll violate new federal rules aimed at clamping down on terrorism funding.
Somalis prepare protest, say end of money transfers will devastate country
Somalis are rallying in Minneapolis on Friday afternoon to protest Sunrise Community Banks decision to halt a money transfer service. The bank fears the service was violating federal rules meant to clamp down on the funding of terrorism. But Somalis both here and abroad say the service is crucial to helping relatives in Somalia and that ending it could trigger a humanitarian crisis.
Money transfer businesses still serving Somalis
The Fourm of Fargo-Moorhead reports three money transfer brokers are still operating in Moorhead. Sunrise Community Banks ended the wire service to Africa in late December. Banks fear they could unknowingly be violating federal rules against funding terrorism. Minnesota is home to 25,000 Somalians, many of whom send money to Africa to support their families.
Minnesota Somalis plan protest Friday when money transfers end
The bank that handles most of the money transfers from Minnesota's Somalis to relatives back home plans to shut down the service on Friday. Sunrise Community Banks says it fears it could violating rules meant to clamp down on the funding of terrorists. But Somalis say their families depend on the money and ending the service could create a humanitarian crisis.
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