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U.K. Court Unlikely to Stop Barclays from Ultimately Dropping Somali Remitters
By Bennett Voyles
printThe British High Court injunction Tuesday against Barclays ending its relationship with Somali money services businesses is likely to keep the bank from dropping the accounts for five or six months, according to compliance experts. The action, requested by Dahabshiil, the largest remittance conduit for an estimated 100,000 Somalis in the United Kingdom to their relatives in Somalia, prevents Barclays from shutting off its services to Dahabshiil and other money services businesses with operations in that poor and fragile country, but only temporarily. The core of Dahabshiil's claim is that "a dominant firm can't push out customers or treat them...
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