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Editor's Blog
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International Money Transfers

More disturbing news yesterday that charities trying to provide international aid to the needy are finding it difficult to transfer funds abroad or, in some cases, even to accept donations. Banks are apparently concerned they might face fines for assisting money laundering or acting as a conduit of funds to terrorists.

The same issue is putting many legitimate money transfer organizations out of business.

LETS BE VERY CLEAR. IN 2015, THIS IS A COMPLETELY UNACCEPTABLE POSITION.

Discussions at recent UK regulatory meetings have made it crystal clear ( yes, for once, some form of transparency) that regulators are passing the buck in terms of dealing with the issue of international money transfers. For example, the Financial Conduct Authority is happy to give participating organizations a clean bill of health BUT is not prepared to intervene to assist them in gaining banking facilities. They come up with excuses such as " the opening of bank accounts is a business decision that banks must make for themselves". Laughable, when one considers the lack of choice for customers in the UK banking sector. Five rejections in the UK leaves you stymied : in the United States, 500 would still leave you many alternatives.

One of the UK regulators has to deal with this matter. There are certainly enough regulators from which to choose.The Bank of England, Financial Conduct Authority, Prudential Regulation Authority, Payment Systems Regulator, Competition and Markets Authority.... to name but a few. Passing the buck cannot continue to be their favorite sport in 2015.

Potentially, hundreds of millions of people around our planet are being deprived of the support they need because of the fear of banks and the indecision of regulators. NOT GOOD ENOUGH.

WE NEED POSITIVE CHANGE IN 2015.

JUST DO IT!

 

Thursday, 1st January 2015

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