The Remittance Dilemma in Somalia Flashcards

1
Q

When was the remittance dilemma?

A

2012

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What percentage of Somalians rely on remittances to pay for their basic needs?

A

40%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What percentage of the GNI do remittances account for in Somalia?

A

50%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What percentage of investment in the country do remittances account for?

A

80%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What happened in 2012?

A

There was concern over some of the remittance money falling into the hands of terrorist groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What happened in 2012 as a result of this concern?

A

Many US and UK banks and money transfer agencies withdrew the money transfer service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What was the effect of remittances being stopped?

A

Protests were organised by human rights groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Give 4 conditions in Somalia which concerned the banks

A

The informal economy, with little government regulation
The lack of anti-money laundering laws
The lack of due diligence, SARs for money transmitters
The terrorist group Al-Shabaab

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are SARs?

A

Suspicious activity reports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Who donates money to Al-Shabaab?

A

Domestic and foreign sympathisers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly