Terrorism

The largest Somali money wiring company, Al-Barakat, whose Minnesota offices were shut down following September 11 terrorist attacks, announced Monday that its last representatives have been taken off the U.S. and U.N. terrorism list.

But the company’s operations- in Minnesota and elsewhere- remain closed and almost $9 million dollars of its operating money is frozen. Being [...]

Responding to a desperate appeal by money wiring services (MWSs) facing the possibility of losing accounts with banks due to federal overregulation, Senator Norm Coleman joined Congressman Mark Kennedy in requesting the Treasury department to review its policies. In a joint statement Thursday, Coleman and Kennedy urged the Treasury’s Financial Crimes Enforcement Network (FINCEN) to [...]

Local banks including Minneapolis-based TCF, U.S bank and Iowa-based Wells Fargo decided to close accounts used by Somali money wiring companies due to stiff regulations by the federal government. The move could unravel the multi-million dollar money wiring business in Minnesota and might put millions of people in Africa and elsewhere whose relatives live in [...]