Agenda item

Barclays Bank – Money Transfer Accounts

RESOLVED:  On the Motion of Councillor Neale Gibson, seconded by Councillor Mohammed Maroof, that this Council:-

(a)       calls upon Barclays Bank to reconsider their decision to withdraw the accounts it holds for UK money-transfer firms, something that is believed will negatively affect thousands of people and businesses across the City, particularly ethnic minority communities;

(b)       notes that in Sheffield it will particularly affect the large number of families from Somaliland and the decision will also impact the wider international community, because this vital function allows money-transfer firms to send funds from the UK to places like the Indian subcontinent and Africa;

(c)        further notes that remittance flows play an important role in providing direct support to families and poverty alleviation and local business traders are therefore concerned that this decision may lead to closure of these companies, which provide a vital service;

(d)       is also concerned that the market for money-transfer will be limited to a handful of companies causing fees to rise, resulting in decreases of remittances and at worst drive remittance giving underground;

(e)       believes that whilst it is right for Barclays to undertake reviews of its anti-money laundering and counter-terrorism policies and take action against such activities, the criteria with which Barclays has decided to withdraw its accounts is unclear and further believes that Barclays needs to ensure it considers the wider value and contribution of money-transfer agencies to ethnic minority communities in Sheffield and across the country, as well as the economy of the UK and developing countries; and

(f)        urges Barclays to consider delaying the withdrawal of these accounts for an extended period of at least 6 months, while alternative solutions are sought.