Showing posts with label Merchants Bank of California. Show all posts
Showing posts with label Merchants Bank of California. Show all posts
Thursday, November 19, 2015
Anti-terror Restrictions Interrupt Somali Remittances
Bloomberg published on 12 November 2015 an article titled "Crossed Wires Starve Somalia of Cash" by Matt Mossman. Somali remittances have dropped from 22 to 50 percent because of US anti-terrorist restrictions over concerns about money laundering. An expert at Australia's Griffith University says there is little evidence to suggest the US restrictions have curbed money laundering.
Friday, February 6, 2015
UN Envoy to Somalia Warns against Cutting Off Remittances
Foreign Policy published on 5 February 2015 an article titled "U.N. Envoy to Somalia Warns against Cutting Off Remittances" by Jamila Trindle. Nicholas Kay, the UN Special Representative for Somalia described the remittances from the diaspora as the "lifeblood and survival mechanism for many, many Somalis."
At a February 6 session in Washington organized by the Center for American Progress, Kay reiterated his concern over this matter. He said annual remittances to Somalia from the disapora are running at between $1.2 and $1.8 billion. This compares to a Somali government budget of $260 million.
At a February 6 session in Washington organized by the Center for American Progress, Kay reiterated his concern over this matter. He said annual remittances to Somalia from the disapora are running at between $1.2 and $1.8 billion. This compares to a Somali government budget of $260 million.
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