Double Olympic gold medallist Mo Farah tonight threw his fame and - TopicsExpress

Double Olympic gold medallist Mo Farah tonight threw his fame and weight behind a campaign to stop Barclays Bank withdrawing from Britain’s £2 bn remittance market, a decision campaigners say will have catastrophic repercussions for some of the world’s poorest countries, including his native Somalia. The runner has sent a direct appeal to the Barclays board pleading with them to step back from its plan to withdraw banking facilities after 12 August from about 250 remittances services sending money transfers to countries in Africa and Asia. Barclays is the last of the major banks dealing with a significant number of the smaller remittance firms but fears its continued involvement could it leave it open to accusations of aiding terrorists and money laundering. Last year, the US authorities imposed a $1.9bn fine on HSBC for poor money laundering controls, prompting that bank to run down its activities in the money-service sector.

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