A delegation of the Association of Money Transmitters Association (UKMTA) called on Pakistan High Commissioner for UK Wajid Shamsul Hasan and apprised him of their difficulties after the decision of HSBC and Barclay’s to withdraw banking facilities for money transfer businesses from July 2013 on account of anti-money laundering policy. UKMTA delegation led by President Qaiser Syed informed that money transfer business worth £5.74 billion with 350 registered Authorized Payment Institutions (APIs) in the UK, was employing over 5000 people. According to the delegation, the closure of 250 bank accounts held with Barclays will bring the money transfer business on the verge of collapse and will leave more than 5000 employees out of job. They further mentioned that this step would not only create anti–competitive behavior in the market but would increase the resurgence of illegal “Hawala Agents” in the UK as well. The High Commissioner assured members of UKMTA that he would take up the matter with all concerned in the UK as well as in Pakistan. The Commercial Counsellor, Ijlal Ahmed Khattak also attended the meeting.
