Barclays shuts down cash transfer businesses to prevent money laundering

Stephen Beard Jul 10, 2013
HTML EMBED:
COPY

Barclays shuts down cash transfer businesses to prevent money laundering

Stephen Beard Jul 10, 2013
HTML EMBED:
COPY

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.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.