The activities of Money Remittance or Transfer services will be monitored and regulated by proposed amendments to the Anti Money Laundering Act.

No money remittance agencies are operating outside the banks (see the answer to the question 1.6).

The exploitation of Alternative Remittance Systems such as trade based money, hawala and NGOs are addressed.

Alternative remittance systems that transfer money or other assets using conduits other than formal financial institutions can similarly be an obstacle to combating money laundering.

At present there are no specific provisions to authorize or regulate the activities of money remittance or transfer services.

Alternative remittance systems

Lisa C. Carroll, Alternative remittance systems distinguishing sub systems of ethnic money laundering in Interpol member countries on the Asian continent , Interpol, 2003.

Harnessing the Remittance Boom

SR VI. Alternative remittance

Alternative informal remittance systems

Law no 48 of June 26 2003 published in Official Gazette no 24831 of June 26 2003 regulates the operations of money remittance companies.

The CTC would appreciate receiving the number of money remittance agencies transfer services registered and or licensed in the Netherlands, Netherlands Antilles and Aruba.

1.6 The CTC notes that at present there are no legal provisions to authorize or regulate the activities of money remittance or transfer services.

There are different approaches to the problem, particularly between remittance source States and remittance receiving States.

E. Alternative informal remittance systems

The Law defines that money remittance companies are those natural or legal persons which provide a service for the transmission of money through money transfers or any funds transfers, funds compensation, or by virtue of any other means, inside and outside the country of Panama.

There are no alternate remittance systems.

Sub paragraph 1 (d) of the Resolution requires States to have legal measures in place to regulate alternative money remittance agencies transfer services and informal banking networks.

Two of those cases one filed by a charity, Benevolence International Foundation, and the other by money remittance firms and a related individual were dismissed years ago.

According to the Law on the System of Payments, the activity of money remittance transfer services is illegal if they are not licensed by the Central Bank.

The impact of remittance income on household well being depends on who controls remittance income and how it is spent.

In some States informal remittance systems are neither regulated nor illegal, but in these cases their laws generally apply only to money transfers made from or to accounts maintained at banks and do not cover informal money transfers.

The remittance flow continues to be buoyant.

As half of remittance senders and the majority of remittance recipients, women were playing a central role in managing and distributing such income.

According to the Law on the System of Payments and Payment Organizations the Money remittance transfer service can operate outside the banks only after being licensed by the Central Bank.

In some States where money or value transfer services are allowed only to institutions licensed or registered as banks, alternative remittance systems are automatically an illegal and underground form of banking.

Sending money to some countries is now allowed only through formal banking channels, and this has created virtual monopolies while also preventing remittance money from reaching rural areas where banks don t operate. In West Africa, a simple money transfer operator now handles 70 of official payments and also imposes exclusivity on banks.

Has this name been circulated to alternative remittance systems?

(c) In order to address the concerns of remittance receiving States, registered alternative remittance systems should be obliged to settle balances through normal banking channels

Efforts should be made in focusing on topics related to criminalizing financial illegal activities, money laundering and freezing and confiscating assets, and to the regulation and control of alternative remittance systems (hawalas).

I'm sorry, without an I.D. you cannot receive a remittance.

alternative remittance systems are difficult to licence or to supervise.

They should also adopt specific policies to affect volumes of remittances, remittance transfer mechanisms, management of remittance funds, the use of remittances and diaspora contributions to development.

Ms. Dee sent the rest of the money ( 1 million) to Ms. Chung in Youngland, through an underground banker, Mr. Ezura, in Zeitstaat, who had his counterpart, Ms. Jabbar, in Youngland (alternative remittance system).

Furthermore, remittance levels are double those of official development assistance (ODA).

The remittance system of Hawala does not obtain in this jurisdiction.

The networks that allow some Somali warlords to channel funds for the procurement of arms comprise businesses operating in diverse economic sectors in trade, telecommunications, air transportation and money remittance services in Somalia and abroad.

It is not enough that remittance source States introduce stringent anti money laundering and combating financing of terrorism controls if receiving States do not aim to impose similar controls at the other end of the transaction.

(a) Simplifying procedures and facilitating access to formal means of remittance transfers

The other two Aaran Money Wire Service and Global Service International were money remittance firms, the first of which was headed by Mr. Nor.f In each of these cases, the entities and individual challenged the United States Government's action in designating them as supporters of terrorism and freezing their assets.

According to resolution 1455 (2003) reports, the top four remittance source States in 2001 as identified by the World Bank all require money transfer services to register, implement know your customer rules and file suspicious transactions reports.

Hurdles in converting informal remittance systems to formal systems through registration or licensing

Although there are relatively few known examples of the use of alternative or informal remittance systems by Al Qaida, the Taliban or their associates, these methods of moving money are vulnerable to abuse by terrorists and other criminals.

Initiatives were also needed to improve remittance services to migrants and reduce transfer costs.

Alternative remittance systems are known by many terms, but all share the same operational characteristics.