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Counting the Cost

Shutting down finance to Africa

Dahabshiil CEO Abdirashid Duale talks about remittances to Africa and a vital lifeline under threat.

Last updated: 03 Jul 2014 11:40
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A number of international banks, including Britain's Barclays, are curtailing their activities in some emerging markets to avoid clashing with US regulators.

Barclays has been attempting to shut down services to a number of remittance companies - money transfer operators - because of concerns those networks could be used for money laundering and terrorism.

About $24 billion in remittances is sent to Africa every year. Dahabshiil CEO Abdirashid Duale explains why that vital lifeline is under threat.

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