Somalia - Global Systems

Question 1

Remittance

Answer 1

> 40% rely on remittance
$1.3 bn
80% of all investment in the country

Question 2

Concerns of US and UK financial institutions

Answer 2

> informal economy, little government regulation
> very volatile country
> government in power in 2012
> lack of anti-money laundering laws
> may end up in hands of Al-Shabaab

Question 3

UK, US and Australia banks - remittance closures

Answer 3

> Australia’s Westpac
Barclays
Merchants Bank

Question 4

What is remittance money used for

Answer 4

Schooling, food and medicine

Question 5

Somalians that live in the diaspora

Answer 5

2 million

Approximately $1.4 billion sent back home

Question 6

Key facts on Somalia

Answer 6

> population of 15 million
no central government
banking system disappeared in early 1990s