Somali money transfers are flowing, but future is uncertain - Bring Me The News

Somali money transfers are flowing, but future is uncertain

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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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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The head of Tawakal Money Express in Minneapolis says emergency wire transfers of less than $500 dollars will be serviced, citing a need for people who say there families in Somalia rely on the funds. Fifteen Minnesota banks halted transfers last week, fearing a violation of terror financing rules.

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.

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.

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.

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.

Somalis protest by closing bank accounts

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.

Somalis say shutdown of money transfers leaves 'hopeless situation' in Africa

The Star Tribune talks with local Somalis, who are fretting for their families in the war-torn African nation. Many are desperately trying to find other ways to send money to relatives trying to survive in a country with no banks or functional government.