The international community should develop mechanisms to register money transfer services in order to prevent the misuse of informal money transfer systems such as hawala system.

Any difference between the actual amount(s) received on exchange and the amount(s) that would have been obtained at the operational rate(s) of exchange shall be accounted for as loss or gain on exchange.

As a consequence, remittances act as an international mechanism of social protection based on private transfers.

The market and the costs of remittances

5. Distribution of loans from BIS reporting banks, selected Asian countries

We are also proposing in the General Assembly a reduction in the cost of international money remittances from migrant workers.

Developing countries are the main beneficiaries of remittances, accounting for 65 of all inflows.

6. Distribution of loans from BIS reporting banks, selected Latin American countries

Some countries, such as Indonesia, actually factored perspective remittances into their medium term economic plans. In the Philippines, remittances accounted for 30 per cent of household income.

Recorded remittances flows out of Germany reached Euro 3.18 billion in 2004.

This requires a high level of knowledge of the functioning of the sector at national and international level (degree of competition, barriers to entry, percentage of remittances that effectively gets to their destination), covering both sender countries and recipient countries.

His Government supported international efforts to reduce the costs of migrant remittances and to enhance their stimulating effect on development, above all in the poorest countries.

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

Germany is successfully working together with recipient countries, in particular with Turkey, and has significantly reduced the cost of remittances.

Developing countries are the main beneficiaries of remittances, accounting for 65 of all inflows.

Recognizing further that there is a need to address and to promote conditions for cheaper, faster and safer transfers of remittances in both source and recipient countries, and the need to facilitate the potential of their productive use in recipient countries by beneficiaries that are willing and able to do so,

Remittances.

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.

Facilitation and reduction of the cost of transfer of migrant remittances

In order to maximise the impact remittances have on the economic activity of the recipient country (the multiplier effect'), the development of new financial instruments, such as loans backed on remittances, might have positive results.

More important, these published numbers surely understate the true magnitude of remittance flows, since migrants sending funds home have a choice they can choose between institutional entities such as banks, Western Union, MoneyGram, exchange houses and the like, as well as informal channels.

If remittances are measured in terms of their share in the GDP, the largest recipient countries are Tonga, Lesotho and Jordan.

It is important to mention, however, that since a considerable share of remittances is not channeled through formal venues, official statistics underestimate the actual scope and amount of remittances.

Recognizing further that there is a need to address and promote conditions for cheaper, faster and safer transfers of remittances in both source and recipient countries, and the need to facilitate the potential of their productive use in recipient countries by beneficiaries that are willing and able to do so,

The importance of remittances relative to other capital flows varies considerably across receiving countries.

60 206. Facilitation and reduction of the cost of transfer of migrant remittances

Facilitation and reduction of the cost of transfer of migrant remittances

Regulate informal value transfer systems, such as hawalas.

Multiple initiatives have been undertaken both on a national and multilateral basis during the recent years to facilitate remittances flows.

The provision of technical assistance to small financial institutions in remittances' recipient countries therefore reducing transfer costs becomes highly relevant too, as it can encourage voluntary agreements between financial institutions in receiving and sender countries.

Fostering the channelling of remittances through financial institutions ( bancarization').

The proposals discussed include nationally applied and internationally coordinated levies the allocation of special drawing rights for development purposes encouraging private global solidarity an international lottery and facilitating remittances.

Moreover, it is important to keep in mind that the fact that a country receives remittances does not mean that it can do without international assistance.

Remittances from migrant workers continued to increase and largely exceeded official development assistance in some countries, they were the largest source of foreign exchange.

A C.2 60 L.15 Rev.1 Item 54 (c) Globalization and interdependence international migration and development 6 Power revised draft resolution Facilitation and reduction of the cost of transfer of migrant remittances A C E F R S

When your money order comes, or you can send it, whatever.

(d) In the area of banking and payments, the United Nations Convention on the Assignment of Receivables in International Trade, the United Nations Convention on Independent Guarantees and Standby Letters of Credit, the UNCITRAL Model Law on International Credit Transfers, and the United Nations Convention on International Bills of Exchange and International Promissory Notes,

The international reserves of Russia include foreign exchange reserves, gold reserves as well as the reserve positions and special drawing rights (SDRs) in the International Monetary Fund (IMF).

Reports 1969.

International Investment Instruments A Compendium

3. Calls upon all States to allow, in conformity with international legislation, the free flow of financial remittances by foreign nationals residing in their territory to their relatives in the country of origin

3. Calls upon all States to allow, in conformity with international legislation, the free flow of financial remittances by foreign nationals residing in their territory to relatives in the country of origin

Recognizing that remittance flows constitute sources of private capital and that remittances have increased over time, complement domestic savings and are instrumental in improving the well being of recipients,

(c) Round table 3 will focus on the multidimensional aspects of international migration and development, including remittances

In some countries, the mechanisms available in the market for the transfer of remittances have experienced great changes over the past few years.