Global Center on Cooperative Security

‘De-risking’ refers to financial institutions closing the accounts of clients perceived as high risk for money laundering or terrorist financing abuse, namely money service businesses, non-profit organizations, correspondent banks and foreign embassies. This report explores the linkages between bank de-risking and the ascendance of the risk-based approach to anti-money laundering and countering the financing of […]

Every year, the Somali diaspora sends home approximately $1.3bn. Remittances account for 25-45 percent of Somalia’s economy and exceed the amount it receives in humanitarian aid, development aid and foreign direct investment combined. As Somali money transfer operators lose their bank accounts, Somali families are losing their only formal or transparent channel through which to […]