Alternative remittance systems

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

Harnessing the Remittance Boom

SR VI. Alternative remittance

Alternative informal remittance systems

E. Alternative informal remittance systems

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

There are no alternate remittance systems.

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.

(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

Has this name been circulated to alternative remittance systems?

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

alternative remittance systems are difficult to licence or to supervise.

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

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

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

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

Other forms of alternative remittance system, such as hundi or hawala, could be discussed here.

One State has recorded some success in encouraging the voluntary registration of alternative remittance systems.

It is not thought that licensing alone would prevent alternative remittance systems being used by terrorists.

Table 3 Private remittance flows to Africa, 1998 2003 (In billions of United States dollars)a

Many States may therefore need to amend their laws to bring informal remittance systems under regulation.

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

Some States have initiated registration or licensing regimes for alternative remittance systems, or plan to do so.

The regulatory authorities of some States have initiated programmes to detect unregistered or unlicensed alternative remittance activity.

The Team makes no distinction between alternative and informal remittance systems for the purposes of this report.

(d) African authorities should view capital and remittance flows as an important part of their national economic statistics.

For example, in commodity dependent and resource strapped Lesotho, remittance receipts represented about 27 per cent of GDP in 2001.

Although few States in their 1,455 reports acknowledged the existence of unregulated remittance systems within their jurisdiction, they are widespread.

Please indicate the laws and procedures available to regulate alternative remittance systems, including systems of, or similar to, the kind known as hawala.

The principal remittance receiving States appear to prefer a soft, incentive based approach meant to improve public accessibility to the formal banking systems.

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

Improve Australia's terrorism financing regime through strengthening criminalisation of the financing of terrorism, ensuring coverage of alternative remittance dealers, wire transfers and cash couriers.

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.

The Monitoring Team believes that these States have all taken concrete and effective action to implement the financial measures with respect to alternative remittance systems.

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.

It also seeks to identify individuals and businesses that provide alternative remittance services, including those that have not engaged with the Unit as required by law.

Encourages Governments and other relevant stakeholders to consider adopting measures, in accordance with national legislation, that facilitate migrant remittance flows to recipient countries, including through, inter alia

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.

2. Encourages Governments and other relevant stakeholders to consider adopting measures, in accordance with national legislation, that facilitate migrant remittance flows to recipient countries, including through, inter alia

Last year, the last remittance measure before 8.11 exchange reform was carried out in 2005. The appreciation of yuan against dollar was significant during the last 10 years.