Over the summer, most major banks in the United Kingdom began closing the accounts of the small companies which Somali migrants use to send money home to their families. The group I’m working with, Shuraako, put together an informational video which explains the situation.
I plan to write a longer post with a bit more background, including a review of the anti-money laundering/couter-terrorism finance laws which contribute to the reluctance of banks to service this sector, but I wanted to share the video while it is still fresh:
You can also read more about the situation on the Shuraako’s website:
http://shuraako.org/remittances-industry-analyses-and-news