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04.04.2007 Business & Finance

Western Union set to tackle money laundering

By times

The Western Union Financial Services, operators of Western Union Money Transfer says it is committed to addressing the problem of money laundering in its activities.

Hikmet Ersek, Executive Vice President and Managing Director of Western Union Financial Services for Europe, Middle East, Africa and South Asia, told a news conference in Accra last week that the company spent about 30 million dollars last year to put in place measures to address the problem.

He said the company was also using internal financial regulators in the various countries with Western Union Transfer Services, to solve the problems of money laundering.

He said the company, which has been in existence for 150 years, and operated in Africa for 12 years, remits about 289 billion dollars yearly.

The Regional Vice President of Western Union financial Services Africa, Khalid Fellahi, said Ghanaians currently receive remittances between 400 and 600 million dollars yearly in support of the local economy.

Mr Fellahi said that the company is working hard to get more people in Africa to use the services of the company from the current 10,000 locations in the continent.

“We should be able to have about 100,000 locations because we already have 300,000 locations worldwide,” he said.