The Government recognises that money service businesses play a critical role and is committed to supporting a thriving and well regulated money remittance sector.
Last month, the Government chaired a round table attended by representatives from Parliament, Government, anti-money laundering supervisors, banks, money service businesses and trade associations to discuss the impact of regulation, supervision and other important factors on money remittances.
The Government and appointed anti-money laundering supervisors maintain an ongoing dialogue on this issue with a range of stakeholders, both in the UK and internationally.
The Department for International Development has commissioned and funded independent reports to assess the impact on the money service business sector and consider solutions for Somalia in particular. The Government will consider these reports and their recommendations to formulate a way forward.