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

Alternative remittance systems

Harnessing the Remittance Boom

SR VI. Alternative remittance

Alternative informal remittance systems

Recognizing that remittance flows constitute sources of private capital and that remittances have increased over time, complement domestic savings and are instrumental in improving the well being of recipients,

Recognizing that remittance flows constitute sources of private capital and that remittances have increased over time, complement domestic savings and are instrumental in improving the well being of recipients,

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

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

E. 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 no alternate remittance systems.

Recent work has tended to stress the developmental dimension of remittance flows, highlighting its role in developing human capital through education and, to a lesser extent, physical investment in farms or housing.

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.

(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

The remittance flow continues to be buoyant.

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

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

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

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.

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.

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

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

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

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.

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

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

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

The key is to reflect on six kinds of capital goods business capital, infrastructure, human capital, intellectual capital, natural capital, and social capital. All of these are productive, but each has a distinctive role.

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

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

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

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).

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.

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

Capitals of Capital

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.