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Saturday, January 31, 2015

Cash transfers to Somalia threatened, again | Minnesota Public Radio News

Cash transfers to Somalia threatened, again | Minnesota Public Radio News

Twin Cities businesses that help Somali-Americans wire cash to east Africa are again at risk of shutting down.
Merchants Bank of California is closing the accounts of Somali-American money service businesses, or MSBs, by Feb. 6, according to Oxfam.
Many banks, he says, fear breaking anti-terrorism financing laws.
The move will be a hardship to Somali-Americans and their families, says Minnesota U.S. Rep. Keith Ellison.
"This is food, this is school fees, this is vital stuff," Ellison said. "This is not luxury items going through."
Merchants Bank couldn't be reached for comment.
Last June, Merchants Bank notified MSBs that it would close their accounts by late July. But in September the bank agreed to keep the accounts open.

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