Minnesota Somalis threaten to pull money from banks

Hundreds of Somalis gathered in Minneapolis Saturday urging lawmakers and banks to find a resolution so they can continue to send money to loved ones in East Africa countries. Some banks have stopped the service with concerns the money is going to help terrorist organizations. As many as 500 Somali Minnesotans have threatened to close their accounts without a solution.

Author:: BMTN Staff
Updated:: Mar 8, 2018
Original:: Mar 4, 2012

Hundreds of Somalis gathered in Minneapolis Saturday urging lawmakers and banks to find a resolution so they can continue to send money to loved ones in East Africa countries. Some banks have stopped the service with concerns the money is going to help terrorist organizations. As many as 500 Somali Minnesotans have threatened to close their accounts without a solution.

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A group of Twin Cities Somalis are frustrated with banks no longer willing to transfer money to Somalia. In response, Somali-American customers are removing their money and closing bank accounts. They want banks to restore the wire service to Africa. Banks fear the money transfers could violate anti-terror regulations.

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.

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.

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.

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.

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.

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.

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