Financial Services

Treasury written question – answered on 13th September 2013.

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Photo of Stephen Doughty Stephen Doughty Labour, Cardiff South and Penarth

To ask the Chancellor of the Exchequer

(1) when he plans to bring forward proposals for the continuation of money transfer services in relation to Somaliland and Somalia; and if he will make a statement;

(2) what recent discussions he has had with representatives of the British banking sector and regulators on the suspensions of money transfer services by Barclays;

(3) what recent discussions he has had with representatives of the United States banking sector and regulators on the suspension of money transfer services by Barclays.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

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.

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