UK Government Will Not Interfere With Barclays Withdrawal From Somalia

By  |  August 4, 2013
 | 

The UK minister for Africa, Mark Simmonds announced that the UK government will not directly interfere with Barclays Bank’s withdrawal from Somalia’s Money Service Business, reported All Africa. Despite a government intervention, Simmonds said that he “hoped that a market-based solution” would be concluded.

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    “Barclays’ decision is ultimately a private commercial matter and it is an operational and commercial decision for each bank how it implements the regulations and ensures it is compliant with regulations put in place to protect banks from money laundering and terrorist financing,” said Simmonds.

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