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| Last Updated: Apr 3, 2012 - 2:47:55 AM |
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Somalia: PM speaks on closing of money transfers to Somalia from the US
18 Dec 18, 2011 - 7:46:11 AM
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MUGADISHU, Somalia Dec. 18 2011(Garowe Online) - Abdiweli Mohamed Gaas Prime Minster of the Transitional Federal Government (TFG) of Somalia spoke today in the country’s capital Mogadishu about his concerns of a Minnesota bank’s proposed plan of closing down wire transfers to Somalia, Radio Garowe reports.
The Prime Minister stated in a press conference he held in Mogadishu that it would have a huge affect on Somalia if the Sunrise bank stops handling money transfers to Somalia.
Prime Minster Gaas told reporters today, “The TFG government is working very closely with the US government and treasury. I have spoken to Senators over the phone and have expressed my concern over the closure of money transfers to Somalia.”
He added that, “I have asked the banks to delay the closures of money transfers until we can come to an agreement on how to fix this problem.”
The U.S. Treasury says it's estimated that Somalis in the U.S. send $100 million back home each year.
Mr. Gaas told the media that it is essential to the survival of a big percentage of Somalis that live off the money sent to Somalia and it is also pivotal to our economy because the government simply can’t afford social welfare.
Sunrise Community Banks handles the majority of wire transfers to Somalia. The bank has given until the 30th of December for money transfers to Somalia.
The bank stated that is could be at risk of violating government laws that prohibit terror financing.
Congressman Keith Ellison of Minnesota told the Associated Press that, "We need to work it out long term to protect public safety and national security but at the same time not shut down remittances to the most vulnerable part of the globe," Ellison said.
Since the 2001 terror attack the US government has cracked down onbanks or hawalas that send money to Somalia fearing that the money helps finance terror organizations.
GAROWEONLINE
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