1.6 Please outline those provisions and or mechanisms in place that regulate alternative remittance services, such as hawala, that operate in Syria.

The purpose of fostering the bancarization' of remittances would also contribute to the provision of integrated services to senders and receivers of remittances, such as savings accounts, credits and mortgages (microfinance).

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

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.

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

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.

However, there is widespread consensus on the fact that fees charged on the transfer of remittances are still very high and surpass by far the real costs incurred by the companies that provide the service.

Workers apos remittances have also contributed to reducing their deficit in services trade.

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

Alternative remittance services are prohibited in Syria, and those who engage in such activities are liable to severe penalties under foreign exchange legislation, as Syria still imposes controls on foreign exchange transactions.

Noting also the fact that many migrants without access to regular financial services may resort to informal means of transferring remittances,

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.

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.

Reducing the cost of remittances is therefore an urgent priority.

The market and the costs of remittances

Despite the fact that most remittances are generally used for consumption, an improvement on the regulatory framework aiming at promoting an orderly development of credit and popular savings institutions, protecting savings and increasing the supply of financial services to micro, small and medium enterprises might encourage the channelling of remittances through microdeposits in these institutions.

1 Interventions provided by facilities and or outreach services.

They serviced the loans.

Financial institutions can provide transfer services at lower prices and enhanced security, in addition to opening a range of other possibilities for remittances senders and recipients such as access to credit cards, loans, credit history, interest bearing accounts, etc.

Second is the regional provision of goods and services that can benefit from the pooling of national services at the regional level.

(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

Report on IMS data compiling, storage, processing and analysis, as well as other services

Income section 3 Services to the public

Revised estimates under section 26E (Conference services)

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.

Recommendation 18

Facilitation and reduction of the cost of transfer of migrant remittances

States should consider obliging charities to report, on a confidential basis, remittances of funds abroad, specifying the amount, the name of the beneficiary, and the purpose of the donations.

Amendments were also made to the Guidance Notes to require financial service providers to obtain additional information on the originator of a wire transfer, and that effective procedures should be in place to identify wire transfers lacking complete information.

These bureaus provide services only to individual citizens and tourists.

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.

H. Payments for transportation and related services

Information provided by States shows that 71 require money transmission services to acquire a license or to register, with 65 applying suspicious transaction reporting rules to registered licensed money transmitters.

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

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

33. A distinction can be made between the so called quot real business services quot and financial support (such as grants, loans, tax breaks, etc.).

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.

Furthermore, recipient countries might benefit from improvements in their statistics systems since a reliable accounting on remittances might help obtaining better debt ratings.

GATS defines supply of service in its Article XXVIII (b) as production, distribution, marketing, sale and delivery of service.

Legislation has been drafted which, subject to further consultation and parliamentary approval, will provide for oversight of money services businesses (bureau de change, money transmitters, and cheque cashers).

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.

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