Barclays Defends Somali Account Closing on Money-Laundering Risk
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Dahabshiil Holdings Ltd., a Somali company that provides access for overseas citizens to send money there, asked a U.K. court to stop Barclays Plc from closing its bank account.
The bank gave a “dearth of detail” on its decision, Alan Maclean, a lawyer for Dahabshiil, said at a hearing in London today. The bank’s dominant position in the market for remittances means it will breach competition law if it closes the account, he argued.