“Without a formal banking sector, millions of Somalis rely on money sent from abroad. Underground agents could potentially fill the void. Alternatively, migrant workers could simply transfer new cryptographic commodities like bitcoin, which are not against the law. Also included in the countries put on notice by Barclays are Nigeria, Ghana, India, and Bangladesh with the resulting impact certain to be felt by Somalia’s neighbors, Kenya and Ethiopia. The wholesale closure of accounts parallels the situation in Minnesota last year when a local bank, citing the risk of strict penalties, ceased transfers to Somalia for migrants wanting to send money home.”
Life-Saving Third-World Remittances Smothered by Anti-Money-Laundering Laws
- Post author:The Freedom Watch Staff
- Post published:July 25, 2013
- Post category:Network Archives
Tags: Bankocracy, Bitcoin, CLibertyC, constitutional liberty coalition, economic Trends, for life and liberty, money, News Commentary, Resistance, sound money, The Freedom Watch, Winning Hearts & Minds
The Freedom Watch Staff
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The Freedom Watch Network