US Banks not cooperating with Somali money transfers

If only it were so!   But, I find this story in a Somali publication hard to believe.   These money transfer operations are the backbone of Somali enterprise in the US (you don’t really think those little mom and pop trinket shops and eateries can survive otherwise do you?).

From the Suna Times:

Minnesota (Sunatimes) Somali money transfer companies (Hawala) in the United States of America are complaining that the US banks do not want to cooperate with them.

A year ago, the banks refused to accept money from the companies who help Somalis living in America to transfer their money to Somalia and else where around the world.

The US banks were worried that the huge sums of money deposited by the companies better known as “Hawala” would risk US’ security.

In 2009, some members of the Somali community living in the US were accused of sending money through those companies to Somali insurgent group, Al-shabab militia which the US believes is linked to Al-Qaida network.

Abdiaziz Mohamed, who is the manager of Tawakal Hawala in Ohio region said although the banks do not want to associate with them, they will do all that they can to convince them to accept their deposits.

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