Coleman, Kennedy Press Federal Agencies on Money Transferors

By: Abdirahman Aynte

      Fellow, the Center for Independent Media

 

Minneapolis, MN (HOL) – U.S. Senator Norm Coleman and his Republican colleague Rep. Mark Kennedy called for a meeting between agencies responsible for federal banking regulations and Minnesota-based money transferors in an effort to avert crises that could lead to the total collapse of remittance systems used by thousands of immigrants in the state to support loved ones.

 

The call comes in the wake of the recent regulations that made it tough for local and national banks to offer accounts for money transferors due to terrorism and money laundering concerns.

 

In their second joint statement issued on Wednesday, Coleman and Kennedy asked the director of the Financial Crimes Enforcement Network (FINCEN) to organize a meeting intended to sort out the problems facing money transferors and explore possible remedies. The meeting would also include the Internal Revenue Service (IRS) and the Office of the Comptroller of the Currency (OCC).

 

 “It’s our hope that a meeting with federal banking regulators and the Somali community will help ensure that remittances can continue while at the same time protecting vital national security and law enforcement interests,” the letter said.

 

Money transferors found alternative banking methods to continue serving thousands of immigrants even after national and local banks severed relationships with them. But they said that those alternatives might not be sustainable in the long term.

 

Abdirahman Aynte can be reached at Ceynte@hiiraan.com

 

Source: HOL, Sept 22, 2006