Summary Somalia's largest money transfer company warns that money if not sent through banks go underground.
JOHANNESBURG (AP) - The chief executive of Somalia s largest money transfer company is warning that money wired into the country could "go underground" if Somalis aren t able to send money to family members through banks.
Abdirashid Duale, chief executive of Dahabshiil, Somalia s largest money transfer company, is asking Barclays to reconsider a recent decision to stop facilitating money transfers to some of Somalia s money transfer companies.
He said Tuesday that regulatory bodies won t be able to monitor transfers if banks shut off the transactions.
A study released last month by the U.N. s food and agricultural agency estimates that Somalia s diaspora community sends some $1.2 billion into Somalia annually, money that is desperately needed in one of the world s poorest countries.
Banks worried about anti-terror regulations have grown wary of facilitating transfers into Somalia.
