Remittances Campaign

Meeting: 
MQT on 2013-11-20
Session date: 
November 20, 2013
Reference: 
2013/4111
Question By: 
John Biggs
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

Can I thank you for taking up with Government the catastrophic impact of Barclays ceasing to process cash transfers to developing countries for money transfer companies, and for communities affected, particularly but not just in Somalia. You will I am sure have made the point that much money will now reach countries by unregulated means, that poverty will increase and fragile economies will be pushed backwards and that several thousand Londoners, who work for remittances companies, will risk losing their livelihoods. Can you update me and Londoners on your success to date in this vital matter?

Answer

Answer for Remittances Campaign

Answer for Remittances Campaign

Answered By: 
The Mayor

I made it clear to Government that restrictions of banking services to remittance firms would have a detrimental impact on Londoners, their families overseas, and the development programmes that rely on these firms for access to much needed funds.

Government is taking a coordinated approach to establishing a safe, secure and compliant UK money transfer sector that is fit for purpose.

A meeting of key national and international stakeholders was convened in September to discuss possible solutions, and to begin developing robust measures to secure a sustainable future for the UK remittances market.