The immediate measure to allow for the reduction of remittances' costs would be to encourage senders and recipients to make use of banks and other financial institutions that is to say, to bank the unbanked , both in developed and developing countries.

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.

The use of banks and other financial institutions by receivers and senders of remittances would also contribute to the reduction of transfer costs.

Statistics on remittances provided by recipient countries are not comparable so far due to a lack of harmonisation of Central Banks regulations.

For instance, banks in developing nations could make use of remittances as a basis for the development of micro credit lines and the issuance of bonds backed on future inflows.

This, Egypt points out, is contrary to the terms of the agreement between Egypt and Iraq whereby 20 per cent of the workers remittances should have been sent to the AAIB, and 40 per cent each to the Cairo branch of the Rafidain Bank and the Bank of Alexandria.Consequently, Egypt has requested the Panel to ask Iraq to explain the basis of its calculation of the sum of US 118,102,263.67.

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.

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

HSBC video

Bank remittances to the suppliers by the Kampala firm on behalf of the Ituri traders.

(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

That amount has been remitted to the Afghanistan Reconstruction Trust Fund, which is managed by the World Bank.

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

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

The effects of banks hijacking of national payment systems to service only the modern economy are compounded by the exclusive agreements that banks and money transfer companies such as Western Union have signed with most African countries. These agreements lock out non banking entities from the highly lucrative market for migrant remittances from the African diaspora, which remain a key engine of growth.

Spain has launched initiatives that can be grouped into two categories a) promoting a higher participation of banks and financial institutions in the channelling of remittances.

Voluntary contributions to the Fund can be made by bank transfer or by cheque to the order of the United Nations.

Further, Iraq provided a breakdown, by date, of the value of the payment orders issued by the Rafidain and Rashid Banks relating to the funds deposited by Egyptian workers for transfer.

According to estimates by the World Bank, remittances reached 72 billion in 2001 and 93 billion in 2003.

For example, Saudi Arabia informed the Team that it has designated certain bank branches for remittances at reduced fees.

South South cooperation could focus on improving the availability of statistical data, drawing more of the remittances into formal banking channels and reducing the costs of transmitting funds (which can be as high as 20 per cent of small amounts).

Depositors in the Bank had demanded that the Government guarantee full repayment of their deposits.6

When determining which Member States were fully paid up, elements such as bank charges on remittances were ignored by the Secretariat.

REQUIRED BANK REPORTING PROCEDURES suspected transactions have been reported by banks, on their volition, using the Suspicious Activity Reports (SAR) reporting procedure. These reports

(f) Bank deposits

That was the reason for approaching regional development banks which could provide loans in the local currency, unlike the World Bank whose lending was denominated in dollars, which might expose some countries to the risks of exchange rate fluctuations.

A branch of HSBC bank is located close to the scene of the explosion.

Interest bearing bank deposits

Two. Leamas collects cash from innocent bank.

In a similarly organized meeting, INSTRAW collaborated with the Asian Development Bank to examine gender perspectives in remittances in this region.

1.5 The Central Bank has no mandate to supervise charitable and religious associations and has no role in supervising the use and transfer of their private resources, except within the limits of its mandate to monitor inward and outward remittance transactions.

The market and the costs of remittances

When banks make loans, they create deposits for borrowers, who draw on these funds to make purchases. That generally transfers the deposits from the lending bank to another bank.

As the Central Bank of the country, the Bank of Zambia administered the Bank of Zambia and Foreign Exchange Acts and assisted the Government in regulating and supervising the operations of the Commercial Banks under the Banking Act.

Foreign exchange offices are authorized by the Central Bank for dealings in foreign notes and coin in accordance with the foreign exchange regulations in force.

You can get a loan from a bank.

This, Iraq contends, is because the Government of Iraq, on 6 April 1991, issued instructions to all banks in the country to stop all foreign exchange transfers and to not issue any payment orders from 5 April 1991.

Banks in El Salvador, Mexico, Panama and Turkey have also used remittances as a basis for raising external financing in the markets.

Examples of non banking financial institutions to which the List should be transmitted include pension, insurance and financial leasing companies, foreign exchange bureaux, money transmitters, securities firms and credit unions.

Transfers are carried out by banking and financial institutions authorized by the Central Bank in accordance with the legal and regulatory provisions in force, including restrictions imposed on individuals and entities identified by the Committee.

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.

This sum is required to be issued by a bank, with a supporting document, failing which legal proceedings will be instituted against the offender.

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.

All foreign exchange remittances must be conducted through the Royal Monetary Authority.

So what happens is that somebody borrows money from the bank.