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.

(a) All disbursements shall be made by cheque, by wire transfer or by electronic funds transfer except to the extent that cash disbursements are authorized by the Registrar.

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.

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.

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

The Panel notes that the banks in Iraq, for reasons unrelated to the depositors, continued receiving funds from the workers for transfer and issued payment orders after 5 April 1991.

With the Digicash solution, the bank issues a serial number (encrypted code), which is equivalent to a digital signature, thereby offering immediacy of payment and privacy.

The SWIFT wire system is used by the Central Bank of Syria and the Syrian Commercial Bank (Government owned establishments) and by private banks in accordance with recognized international norms.

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.

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.

(c) Except where a paid cheque is returned by the bank or a debit advice is received from the bank, a payee's written receipt shall be obtained for all disbursements.

The payment of the purchase price was guaranteed by a Belgian bank.

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

By using the Society, the United Nations no longer needs to rely on the proprietary payment systems of individual banks, avoiding maintenance of multiple payment systems in house and over reliance on a single bank for the Organization's payment needs.

Also, the Federal Reserve Bank has completed the extension of its Automated Clearing House (ACH) system to Mexico, allowing electronic funds transfer at very low costs.

SR VII. Wire transfers

Payments are made through banks in third countries, since direct banking relations are forbidden.

Firms will make rupiah payments to INDRA equivalent to the dollar amount of their short term debt valued at a predetermined exchange rate, and INDRA will make the payment to the creditor bank in dollars.

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.

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

The United Nations joined the Society for Worldwide Inter bank Financial Telecommunication to maintain secure, reliable and robust global communication links with banks to send payment instructions, execute payments and receive transaction data, such as account balances.

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 amount also included Sudan s monthly instalment payable to the World Bank, which adversely affected Sudan s relations with the Bank.

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.

(o) Receivable means a right to the payment of a monetary obligation, excluding, however, rights to payment evidenced by a negotiable instrument, the obligation to pay under an independent undertaking and the obligation of a bank to pay with respect to a bank account.

Pay the cashier on the way out.

The banks' projects reflect multi year commitments recorded in the year in which they are approved but disbursed over several years.

As soon as I get something going, I'l send you the money that I promised,

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.

When would the above amount have been paid to the Egyptian beneficiaries if the transfers had not ceased? ...

Further, Egypt states that the Cairo branch of the Rafidain Bank received payment orders after 2 July 1990 with a total value of less than half of the total value of payment orders received by the Bank of Alexandria and considerably less than the total value of payment orders received by the AAIB.

Egypt contends that a substantially higher dollar value is indicated by the payment orders issued by the Iraqi banks than is indicated by the payment orders actually received by the Egyptian banks.

Although new systems have streamlined routines and the reconciliation of payments through one bank has helped, the volume of payments currently being made dictates a need for additional resources.

Proceeds from the telephone service can then be used to pay back the bank loans.

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

9. The Treasury is responsible for the establishment, maintenance and closure of bank accounts, including changes in signatory panels for short term investments of funds for effecting payments, whether by cheque or wire transfer for issuance and or processing of cash receipt vouchers and cash vouchers and competitive purchase of foreign exchange.

The instructions were not received by all of the branches of the banks involved in the transfer of the Egyptian workers funds due to the breakdown of communication systems during the Gulf War.

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Exchange rate of assessed contributions paid in US

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

However, the definition of receivable in para. 21 (o) of A CN.9 WG.VI WP.22 Add.1 excludes rights to payment under a negotiable instrument, the obligation to pay under an independent undertaking and the obligation to pay under a bank account.

Currently, the treasury uses the Society, which has 22 banks globally, to execute non United States dollar payments and cross border United States dollar payments.

(c) Foreign exchange transactions, inter bank payment systems, transfer of security rights and transfer of economic assets

(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.