remittances

Oxfam is calling on the international community to ensure funding both for Yemen’s coronavirus response and to address the country’s huge humanitarian needs ahead of a pledging conference taking place virtually on Tuesday 2 June.

De-risking’ refers to financial institutions closing the accounts of clients perceived as high risk for money laundering or terrorist financing abuse, namely money service businesses, non-profit organizations, correspondent banks and foreign embassies. This report explores the linkages between bank de-risking and the ascendance of the risk-based approach to anti-money laundering and countering the financing of terrorism (AML/CFT). 

On April 7th, 2015 the Central Bank of Kenya (CBK) revoked the licenses of 13 Money Remittance Providers (MRPs) based in Nairobi, in an effort to curb the financing of terrorism. 

Somalia’s financial lifeline remains under threat as banks in US, UK, Australia, and elsewhere have broken ties with the money transfer operators that make remittances possible, NGOs warn.

Every year, the Somali diaspora sends home approximately $1.3bn. But this system of remittances to Somalia is under threat, particularly in the US and the UK.

Britain’s Indian community lose an estimated £35m in banking fees when they send money home at Diwali, Oxfam warned today. 

Every year, Somali migrants around the world send approximately $1.3 billion to friends and families at home, dwarfing humanitarian aid to Somalia.

Senait Gebregziabher, Oxfam’s Country Director for Somalia said: