Alternative remittance systems

Harnessing the Remittance Boom

SR VI. Alternative remittance

Alternative informal remittance systems

As half of remittance senders and the majority of remittance recipients, women were playing a central role in managing and distributing such income.

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

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

E. Alternative informal remittance systems

There are no alternate remittance systems.

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

(a) Simplifying procedures and facilitating access to formal means of remittance transfers

The remittance flow continues to be buoyant.

Has this name been circulated to alternative remittance systems?

(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

alternative remittance systems are difficult to licence or to supervise.

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.

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

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

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

Remittance flows have become an increasing source of foreign exchange for many developing countries and a potential source of development finance.

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.

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).

The exploitation of Alternative Remittance Systems such as trade based money, hawala and NGOs are addressed.

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

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.

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.

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

The main goal is to detect the main obstacles to efficiency along the life cycle of the remittance.

An improved knowledge base was needed in order to formulate effective remittance management strategies that would enhance development.

c Includes an amount of 5,021,565.28 from the remittance account that was cleared in the subsequent accounting period.

IOM firmly believed that poverty reduction strategy papers should systematically consider migration and migration management strategies such as remittance management as a poverty reduction tool.

I received a telegram.

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

She received a doctor's degree.

We haven't received a telegram.

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