Big Aid Squeeze Will Devastate Somalia, Says Mo Farah

London, Oct 1, 2013 (SDN) –BARCLAYS will tomorrow pull the plug on companies that allow people to transfer money to their families in developing countries, despite pleas from double Olympic gold hero Mo Farah to reverse its decision. On Monday the bank will cease to do business with 100 money transfer or remittance companies, as part of a crackdown on money laundering and possible terror funding.

However, Farah and critics of the move say that Barclays’ decision will cause a humanitarian catastrophe in Somalia, which has no functioning bank network, forcing people to rely on money remittance companies. People in Somalia rely on the money sent from abroad to buy food and medicines. Barclays has 25 per cent of the market for money transfers to Somalia and Farah says its decision will not only stop people from sending money back to their families, it will hinder aid agencies operating in the region. In an email Farah, who was born in Somalia, said: “Cutting this lifeline will be a disaster for the Somali regions and the UK. It is not just personal remittances that families send back – it will impact on all of the major aid organisations in the region, including my foundation, which rely on these businesses for paying staff and running their programmes.”

Source: express.co.uk