Minneapolis, UNITED STATES
Hussein, owner of money transfer business Mustaqbal Express, wires money for Ahamed, in Minneapolis
Shakir Hussein (L), owner of money transfer business Mustaqbal Express, wires money for Mohammed Ahamed (at counter) for Ahamed's former wife in Somalia, in Minneapolis June 23, 2014. About 40 percent of all Somali families rely on remittances from another country, and the estimated annual total of $1.3 billion is more than all foreign aid and investment in Somalia combined, according to a study published last year by human aid organizations Adeso, Oxfam and the Inter-American Dialogue. Commercial banking disappeared in Somalia in the early 1990s, and Western money transfer companies such as Western Union Co and MoneyGram International Inc do not serve most parts of Somalia. This leaves the significantly cheaper and more informal money service businesses, or MSBs, to serve as intermediaries between the foreign banks that make the wire transfers and the intended recipients of the money. As these transmitters attracted attention from U.S. regulatory agencies that fear money launderers or militant groups would exploit them, banks around the world have been rapidly closing their accounts. Picture taken June 23, 2014. To match Feature BANKS-REMITTANCES/SOMALIA REUTERS/Eric Miller (UNITED STATES - Tags: BUSINESS POLITICS)