PRESIDENT HASSAN: REMITTANCES ARE A LIFELINE FOR SOME OF THE WORLD’S POOREST

Visits: 967
(Rating 0.0/5 Stars) Total Votes: 0
0 0
Share via Social Media

PRESIDENT HASSAN: REMITTANCES ARE A LIFELINE FOR SOME OF THE WORLD’S POOREST

H.E. Hassan Sheikh Mohamud, President of the Federal Republic of Somalia, has called on Barclays Bank to suspend its decision to shut down the accounts of crucial Somali cash transfer firms.

Share

H.E. Hassan Sheikh Mohamud, President of the Federal Republic of Somalia, has called on Barclays Bank to suspend its decision to shut down the accounts of crucial Somali cash transfer firms.

The President said: “Some of the world’s poorest people depend on remittances sent to them from the Somali diaspora. At the end of the vast majority of cash transfers supported by Barclays Bank, are families and children whose struggle through each day is unimaginable to most.

“Somalia is on the brink of a breakthrough after two decades of chaos. We have the support of Britain and the world and we need the support of all our friends across all sectors. Barclays are a friend and we cannot understand their sudden decision to foreclose on legitimate accounts that support money transfer.

“I appeal to Barclays to reverse their decision, or at least to postpone it to allow proper consultation. A solution must be in place before such drastic action is taken.

The President hopes that a way can be found for Barclays Bank to retain the service whilst working together with the Somali and UK Governments to remain compliant in monitoring transfer funds and improving procedures that tackle financial crime, a stated commitment of the new Federal Government.

“We understand Barclay’s corporate responsibility and its duty to its global customers to maintain a reputation for tackling financial crime, but that does not have to pull the rug from under the feet of people battling extreme poverty and before our fledgling government can step in to help.

“We need time and support from the UK Government to resolve this issue, or the sad reality is that an “regrettable inconvenience” could directly result in human tragedy.”