Over a million Somalis, currently living abroad, remit back home an estimated 1.5 billion US Dollars annually. About fourteen Somali companies are offering money transfer services at present. There are a few international money transfer companies venturing in Somali money transfer industry. Somali operators rely exclusively on Somali agents and sub-agents they have appointed in some 40 countries worldwide. This report examines the challenges Somali remittance industry faces including the complex and different Anti-Money Laundering and Terrorist Financing regulations in all these countries.
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