by TerranceBoyce
Fri Dec 13, 2013 8:37 am
I'm not usually a defender of financial institutions Laura but any Western company has to operate within the environment of any country where it does business and unfortunately, if corruption is rife there, it's almost impossible to do anything about it, especially where the workers and businesses aren't directly employed by Western Union.
In the UK recently there was a fuss when a major UK bank was going to sever connections it had with Somali institutions that enabled cheap money transfers, due to concerns over money laundering and funding terrorism. It was stated that this would block people sending money back home to relatives where this money was often the only income they had, and the payment system continues. The fact is that most money laundering and terrorist funding goes through standard banking channels so it's difficult to take action against a system that will only affect the poor.
It's a conundrum, and there is no easy solution. I've seen many alternatives to WU set up and they're particularly popular in Africa, but most of them are little more than scams themselves.
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