Somali remittances, which are sent through money transfer operations (MTOs), have been the subject of much scrutiny since 9/11. Members of the Somali diaspora rely on MTOs to send money (thought to total $1.2 billion a year) to their families and extended kin in Somalia, which, until recently, had no central monetary authority. These operations, in turn, rely on the banking facilities of large international banks. Yet MTOs have faced closures due to accusations they they serve as vehicles for laundering money and financing terrorism. Largely absent from debates over Somali remittance flows, however, is the issue of corruption within some of the world’s most powerful multinational banks and international financial institutions. Continue reading
The Africa Collective 