Azerbaijan bans remittances through MIGOM money transfer system

The Central Bank of Azerbaijan (CBA) instructed the commercial banks operating in the country to stop business relations with the MIGOM money transfer system, the Azerbaijani banks said.

Based on the notification, the banks operating in Azerbaijan must not engage in any transactions under this system of remittances from June 8.

The reason for the suspension of cooperation with the MIGOM money transfer system is linked with its illegal remittances to Nagorno-Karabakh, occupied by Armenia, the banks reported.

Earlier MIGOM was warned to stop illegal remittances, after which the system suspended transfers to Karabakh. But as the CBA's current decision shows, it again resumed its activities in the occupied territories. Read more

SOMALIA: Anti-terror laws hinder Somali immigrants

For months, Somalis living in Columbus have complained that it has become increasingly difficult to send money home to family members because of banking-industry fears that the funds could end up with terrorists.

Huntington, JPMorgan Chase and Charter One are among the banks that have closed accounts set up by remittance companies, said Omar Tarazi, a local lawyer who has worked with the Somali American Chamber of Commerce and several remittance companies.

Somali leaders said remittances that refugees send home are a lifeline to families and friends struggling in the war-torn African nation. It has few banks, so remittance companies are crucial to sending money home. Read more