{"id":5386,"date":"2013-11-07T13:19:16","date_gmt":"2013-11-07T18:19:16","guid":{"rendered":"http:\/\/www.zegabi.com\/articles\/?p=5386"},"modified":"2013-11-07T13:19:16","modified_gmt":"2013-11-07T18:19:16","slug":"somali-money-transfer-company-wins-injunction-against-barclays-bank","status":"publish","type":"post","link":"http:\/\/www.zegabi.com\/articles\/5386","title":{"rendered":"Somali Money Transfer Company Wins Injunction Against Barclays Bank"},"content":{"rendered":"

\"A<\/a>A U.K. high court has issued an interim injunction preventing Barclays Bank\u2019s from discontinuing services to a Somali money transfer company- Dahabshiil.<\/p>\n

During the ruling Judge Launcelot Henderson described Barclays\u2019 decision to terminate Dahabshiil\u2019s account as unfair saying the reasons behind the bank\u2019s decision needed to be fully examined.<\/p>\n

The ruling is expected to keep remittances flowing to Somalia until a full trial is held next year. Somalis in the Diaspora send about $1.3bn home to friends and relatives in Somalia every year, and this accounts for approximately 50 per cent of the country\u2019s GDP. About \u20a4500m of this amount is transferred through the Dahabshiil service by the 100,000 Somalis living in the U.K.<\/p>\n

Dahabshiil\u2019s Chief Executive Officer, Abdirashid Duale, had previously said that the court\u2019s verdict would be a matter of life and death for millions of ordinary Somali\u2019s who depended on remittances from the Diaspora.<\/p>\n

Soon after the court granted the interim injunction, the money transfer company issued a statement declaring the ruling a \u201cvictory for the millions of Somalis and other Africans, many of whose livelihoods depend on our services.”<\/p>\n

Oxfam GB also applauded the injunction saying it provided \u201ca small window of opportunity for Somalis living in the UK to send money home to loved ones in one of the poorest countries in the world.\u201d The organization however emphasized that the injunction was only temporary and a long-term solution was required to \u201csafeguard hundreds of thousands of people relying on the money for food, medicines and education.”<\/p>\n

Barclays has also been defending its \u201clegitimate\u201d decision to discontinue services to Dahabshiil expressing fears that it could \u201c”unwittingly be facilitating […] terrorist financing\u201d and money laundering. “The risk of financial crime is an important regulatory concern and we take our responsibilities in relation to this very seriously,” the bank said.<\/p>\n

Most global money transfer services, such as Western Union, do not operate in Somalia. Barclays is currently the only bank that still provides services to small remittance agencies. Dahabshiil is only one of about 250 agencies, whose accounts Barclays plans to discontinue.<\/p>\n","protected":false},"excerpt":{"rendered":"

A U.K. high court has issued an interim injunction preventing Barclays Bank\u2019s from discontinuing services to a Somali money transfer company- Dahabshiil. During the ruling Judge Launcelot Henderson described Barclays\u2019 decision to terminate Dahabshiil\u2019s account as unfair saying the reasons…<\/span> Read more ›<\/a><\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[44],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"_links":{"self":[{"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/posts\/5386"}],"collection":[{"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/comments?post=5386"}],"version-history":[{"count":0,"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/posts\/5386\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/media?parent=5386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/categories?post=5386"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zegabi.com\/articles\/wp-json\/wp\/v2\/tags?post=5386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}