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The Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. As such, work has been under way for some time on addressing and reducing risk in this area.
In light of decisions taken by banks, both nationally and internationally (including the recent decision by Barclays), to withdraw banking services from many of the smaller firms in this sector, Ministers and officials are continuing to engage with relevant stakeholders, including banks, trade associations and Money Service Businesses on this issue.
This includes working to seek to manage the impact this will have on businesses and communities in the UK, as well as exploring with these firms any viable alternatives for those individuals in the UK, and in developing countries, who rely on remittances services.