Barclays gives time to 300 Pak money dealers to close accounts

LONDON: Barclays Bank has extended the time for closure of bank accounts of thousands of money-transmitters, including over 300 Pakistani money dealers, after intense lobbying.
After The News highlighted the issues faced by British Pakistani money transmitters, Pakistan’s High Commission has spoken to banks in Pakistan as well as the senior management of the Barclays Bank.
A meeting was also held between the representatives of the money changers - UK Money Exchange Association - with High Commissioner to the UK Wajid Shamusl Hasan, Deputy High Commissioner Imran Mirza and Fiza Batool, Community Welfare Attaché.
On a query from The News, Fiza replied that she had already spoken to Mr. Naeem Yasin, international head of the United Bank Limited, to discuss the migration of accounts of the affected money transmitters.
She told The News in an interview: “Meetings are underway with other local Pakistani banks to consider the transfer of accounts of money dealers. By September, they will consider migration of accounts of these money transmitters, subject to the condition that they qualify the standards set by Financial Conduct Authority (FCA). We are glad that the Barclays has extended the time for closure of bank account for a month.”
She said Pakistan Remittance Initiative (PRI), a joint venture of Ministry of Overseas Pakistanis and the State Bank of Pakistan, was launched to facilitate the overseas Pakistanis to send their remittances to Pakistan expeditiously.
“A delegation of the State Bank will visit the UK after Eid to meet the head of Barclays and Pakistani local banks and other important offices to resolve this issue positively,” she informed.
“The purpose is to maintain the remittance outflow of over two billion dollars from the UK, besides watching the interest of small and medium size payment institutions. Pakistan appreciates the contribution of its Diaspora and money-transmitters have a vital role to play in future to help stabilise Pakistan’s economy,” she stressed.
Fiza said Pakistan High Commissioner to the UK was quite concerned about the current development and he was talking keen interest to address the grievances of affected British Pakistani money transmitters.
“The matter has also been reported to the secretary Human Resource Development and Overseas Pakistanis.”