Why banks like HSBC won’t transmit money to #charities in conflict zones
More than half of the 170 local and regional banks surveyed by the World Bank reported losing their relationships with global partner banks. Banks also have closed accounts for hundreds of money-transfer firms that provide lifelines to migrants and their families in the $582bn remittance business. As long as governments show little sign of flexibility, banks don’t dare take a chance running afoul of money-laundering and terrorist-financing restrictions.
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