On Monday the
bank will cease to do business with 100 money transfer or remittance
companies, as part of a crackdown on money laundering and possible
terror funding.
However, Farah and critics of
the move say that Barclays’ decision will cause a humanitarian
catastrophe in Somalia, which has no functioning bank network, forcing
people to rely on money remittance companies. People in Somalia rely on
the money sent from abroad to buy food and medicines. Barclays has 25
per cent of the market for money transfers to Somalia and Farah says its
decision will not only stop people from sending money back to their
families, it will hinder aid agencies operating in the region.
In
an email Farah, who was born in Somalia, said: “Cutting this lifeline
will be a disaster for the Somali regions and the UK. It is not just
personal remittances that families send back – it will impact on all of
the major aid organisations in the region, including my foundation,
which rely on these businesses for paying staff and running their
programmes.”