U.S. Bank Shuts Down Money Wiring Service To Somalia
Tuesday, December 20, 2011
Aired 12/20/11 on KPBS Midday Edition.
Abdulmalik Buul, chairman San Diego Somali Youth League of San Diego
Wali Warfa, agent for San Diego's largest hawala.
Abdulmalik Buul joins Amita Sharma to discuss what the shutdown means.
Evening Edition airs weekdays at 5 PM and 6:30 PM on KPBS TV
Somali Youth League of San Diego
Franklin Bank was the only U.S. bank that still facilitated money-wire transfers to Somalia - until now. The bank is shutting down the service.
Franklin says continuing the transfers was too risky; there's a fear that the bank could be prosecuted after some money transfers were linked to a terrorist group in Somalia.
But the impact of this decision on the desperate people in Somalia, and their relatives here in San Diego, could be staggering.