Minnesota banks to stop money transfers to Somalia
In an effort to cut off funds to Somali terrorists, banks in Minnesota will no longer support money transfers via local businesses called “hawalas.”
Minnesota has the largest concentration of Somalis in the United States and officials fear that money sent from relatives living in the United States could be funding terrorist groups like al Shabaab.
On 15 December, Franklin Bank, the last remaining bank to support hawalas, will discontinue its wire services to Somalia, which has Somalis in Minnesota panicking. Without hawalas Somalis worry that their families in their home country will have no way of supporting themselves.
Somalia’s financial infrastructure is largely inexistent and many families there depend on remittances from relatives living abroad to survive. To make matters worse, Somalia is currently experiencing one of its worst famines in history.
“This is going to have a massive negative effect on Somali, Kenyan, and Ethiopian populations who are facing one of the worst recorded famines and droughts in recent history,” said Aden Hassan, a spokesman for the Somali American Money Wiring Association
The CIA estimates that Somalia receives roughly $1.6 billion in remittances each year from around the world.
Even 10% of that would buy a lot of jihad.
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