EFTA01955042.pdf

To: 'eevacation [email protected]] From: Sent: Thur 10/10/2013 2:54:47 PM Subject: why Why don't middle eastern banks offer this sort of diaspora-related money transfer service? they are more well- positioned than the other institutions in europe/usa (like western union or whatever big bank) and less subject to the laws and interests of the west. Seems like a huge financial opportunity...either start a new bank or modify an existing financial institution (based in UAE) that would facilitate fund transfer from diaspora to people that need it? I can see how it means that $ could fall into the hands of the bad guys but they are clever enough to already be getting money - so ... ? What if there was a way to do it well? Billions/trillions in flow and probably a better way to help economies and poor people than what's going on now? Somalia warns of disaster if Barclays stops money transfers By Elaine Moore, William Wallis and Sharlene Goff The Financial Times October 10, 2013 • Somalia has warned that it will face disaster if Barclays withdraws banking services from the country's largest money transfer company next week. • Around half of the 10m population of Somalia and the republic of Somaliland are reliant on money sent by friends and relatives living overseas, most of which is used to pay for food and basic healthcare. • if the banks do not reverse their decision it will be a disaster for our country, which is in a fragile state, just recovering from long-term conflict," said Mohamud Hassan Suleiman, Somali finance minister. • We need time and we need clarity — what do the banks want? If they are afraid of something we need to know what it is . .. you cannot solve the problem until you know what the problem is." • UK banks say they need more information from regulators about the checks they are required to perform on money transmitters. EFTA_R1_00424820 EFTA01955042