Barclays shuts down cash transfer businesses to prevent money laundering

The Canary Wharf headquarters of Barclays Bank, which have been fined millions for manipulating the LIBOR inter-bank lending rate, in London, England.

British banking giant Barclays is shutting down 200 cash transfer businesses amid concerns they are being used as tools for laundering money. Some fear the closures could hurt immigrants -- Somali expatriates in particular -- who rely on the transfer services to send funds back home.

Marketplace's Stephen Beard Morning Report host David Brancaccio from London with the latest.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.


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