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U.S. Bank Shuts Down Money Wiring Service To Somalia

Militants belonging to Somalia's Al Qaeda-inspired Al Shabaab Islamists stand in formation on October, 21, 2010 during a show of force in Somalia's capital Mogadishu
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Militants belonging to Somalia's Al Qaeda-inspired Al Shabaab Islamists stand in formation on October, 21, 2010 during a show of force in Somalia's capital Mogadishu
Somalia wire-transfers halted over terrorism fears.
GUEST: Abdulmalik Buul, chairman San Diego Somali Youth League of San DiegoWali Warfa, agent for San Diego's largest hawala.

Abdulmalik Buul joins Amita Sharma to discuss what the shutdown means.

Somali Youth League of San Diego

4k Walk for Somalia

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.