[Greens-Media] FW: Abbott has 24 hours to save money remitters

[Drummond, Sam (Sen J. Rice)]

From: Drummond, Sam (Sen J. Rice)
Sent: Monday, 24 November 2014 3:12 PM
Subject: Abbott has 24 hours to save money remitters


Abbott has 24 hours to save money remitters



The Greens have called on the government to step in within 24 hours to allow a safe corridor for the legitimate transfer of funds to countries in Africa.



"Thousands of small businesses around Australia may have to shut up shop from tomorrow because the Abbott government is asleep at the wheel," said the Greens deputy leader and finance spokesperson Adam Bandt.



"Australians will soon have no way to send small remittances to their families in countries like Somalia and Eritrea, where there is no formal banking system.



"Those making legitimate money transfers to their family and friends are now facing the real prospect of having no safe corridor for them to transmit their funds."



"People in countries like Somalia are heavily dependent on foreign remittances. Unless the government fixes the problem, thousands of people around the world will be plunged further into poverty and desperation."



The threat to the sector comes after the big banks withdrew their support for money remitters around Australia because of perceived risks of terrorism financing, leaving no option for the legitimate money remittances to countries without formal banking systems.



"The Greens have been pushing for a solution so that remitters and the big banks have legitimate means to transfer money," said Mr Bandt.



"The Finance Minister hasn't even bothered to reply to our correspondence."



"We are urging the government to step in and do what the UK has done - provide a safe corridor for legitimate transfer of funds to countries in Africa while a long-term solution can be achieved.



"If the government doesn't do this, money transfer will be driven underground, making it much more difficult to regulate.



"This is a government that says it wants to support small business and this is its chance to prove it."