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.

Alternative remittance systems

Harnessing the Remittance Boom

SR VI. Alternative remittance

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

E. Alternative informal remittance systems

An additional payment was released when the partner had justified the use of the funds (at least 70 per cent of previous instalments) through the remittance of a subproject monitoring report.

An additional payment was released when the partner had justified the use of the funds (at least 70 per cent of previous instalments) through the remittance of a subproject monitoring report.

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

Without mechanisms to identify such remittance systems operators, their locations, the remitters and recipients of the funds, or the mode of settling balances between operators, prevention of such abuse is almost impossible.

The Law defines that money remittance companies are those natural or legal persons which provide a service for the transmission of money through money transfers or any funds transfers, funds compensation, or by virtue of any other means, inside and outside the country of Panama.

There are no alternate 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

The remittance flow continues to be buoyant.

It was hard to see how the remittance of funds to their families by emigrant workers could be institutionalized given the difficulty of forecasting the amounts and assessing the eventual impact on countries' development.

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

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

The networks that allow some Somali warlords to channel funds for the procurement of arms comprise businesses operating in diverse economic sectors in trade, telecommunications, air transportation and money remittance services in Somalia and abroad.

(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.

Restrictions or regulations, if any, applicable to alternate remittance systems such as or similar to hawala , as well as on charities, cultural and other non profit organisations engaged in the collection and disbursement of funds for social or charitable purposes.

Restrictions or regulations, if any, applicable to alternate remittance systems such as or similar to 'hawala' , as well as on charities, cultural and other non profit organizations engaged in the collection and disbursement of funds for social or charitable purposes.

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.

More important, these published numbers surely understate the true magnitude of remittance flows, since migrants sending funds home have a choice they can choose between institutional entities such as banks, Western Union, MoneyGram, exchange houses and the like, as well as informal channels.

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.

(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.

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

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.