Download or read book Informal Funds Transfer Systems written by Mr.Samuel Munzele Maimbo and published by International Monetary Fund. This book was released on 2003-08-18 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.

Download or read book Informal Funds Transfer Systems written by M. E. Qorchi and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Informal Funds Transfer Systems written by Mr.Samuel Munzele Maimbo and published by INTERNATIONAL MONETARY FUND. This book was released on 2003-08-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.

Download or read book Informal Funds Transfer Systems an Analysis of the Hawala System written by and published by . This book was released on 2002 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Informal Funds Transfer Systems in the APEC Region written by and published by . This book was released on 2003 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Regulatory Frameworks for Hawala and Other Remittance Systems written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-03-24 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hawala and other remittance systems have gained attention in recent years with the substantial growth of remittance flows from countries with large migrant labor forces and with increased focus on combating money laundering and the financing of terrorism. The IMF and the World Bank have been researching these systems since 2002 to better understand the interplay of historical, cultural, and economic factors that promote such systems. This book is a survey of regulatory practices and an overview of experiences in different countries, and includes articles on regulatory frameworks in remitting and receiving countries and on the problems that can arise when regulating remittance systems.

Download or read book Indicators of Informal Funds Transfer Systems written by Jacob Trigler and published by . This book was released on 2008 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Informal funds transfer systems (IFTS) are prevalent throughout the world and are used for various legitimate and illegitimate purposes. There are many variations of these systems that can be generally classified as traditional or modern systems. Traditional and modern IFTS share many of the same characteristics, but that is the extent of the similarities between these two groups. Traditional systems were developed to meet the legitimate needs of businesses and individuals and at times became the formal banking system within the Middle East and South Asia. Conversely, modern IFTS were developed purely as criminal systems and have no legitimate purpose. Whereas traditional systems have predominantly positive effects on the communities in which they operate, modern systems are the exact opposite and have predominantly negative effects. The purpose of this thesis is to analyze the use of traditional and modern IFTS in order to identify the specific macro indicators and conditions responsible for their development and continued use. Identifying these indicators will allow regional, national and international agencies and organizations to detect the emergence or presence of IFTS and focus their efforts to develop effective regulatory policies to limit the illegitimate use while maintaining the legitimate aspects of these systems.

Download or read book The U S Mexico Remittance Corridor written by Raúl Hernández-Coss and published by World Bank Publications. This book was released on 2005 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: The experience of Mexican nationals who send money home from the United States forms the basis for this study. The authors identify three stages of the remittance process: the First Mile, when decisions are in the hands of the remittance sender; the Intermediary Stage, comprising systems that facilitate the cross-border transfer of funds; and the Last Mile, where the funds reach the hands of the remittance recipient. This analysis, covering the last eight years, may provide guidance for other remittance sending and receiving countries that seek to encourage formalization of the flow.

Download or read book Informal Money Transfer Systems written by Leonides Buencamino and published by . This book was released on 2002 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Money Exchange Dealers of Kabul written by Samuel Munzele Maimbo and published by World Bank Publications. This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Transactions in Remittances written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-09-14 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Transactions in Remittance: Guide for Compilers and Users (RCG) presents concepts, definitions, and classifications related to remittances. It is consistent with the new standards for measuring balance of payments transactions, as contained in the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). These standards are used globally to compile comprehensive and comparable data. The RCG identifies the main remittances compilation methods currently being used by compilers and discusses in detail the strengths and weaknesses of each method. It is the first manual providing compilation guidance for remittances and is also the first compilation guide based on concepts set out in BPM6. Although the RCG is primarily aimed at remittances data compilers, it may also be useful for users who wish to understand remittances data.

Download or read book Alternative Remittance Systems and Terrorism Financing written by Matteo Vaccani and published by World Bank Publications. This book was released on 2009-11-23 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments, through their regulatory bodies, typically regulate formal financial sector players such as banks, which can leave providers working in informal remittance systems outside regulatory channels. Value transfer services financial transfers performed domestically or across borders on behalf of clients are essential to the financial system, and as such, are often offered by both formal and informal actors. Law enforcement and counter-terrorism authorities are evaluating money and value transmission channels for vulnerabilities that may make these channels attractive for illicit use, including the financing of terrorism. 'Alternative Remittance Systems and Terrorism Financing: Issues in Risk Management' aims to help countries bring these informal alternative remittance systems into their counter-terrorism programs, without hindering the ability of those who depend on these systems to send and receive money at low cost.

Download or read book The Canada Vietnam Remittance Corridor written by Raúl Hernández-Coss and published by World Bank Publications. This book was released on 2005 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining the experience of the Canada-Vietnam remittances corridor over the past several years, this title is a first step towards identifying the main features and pointing out some of the areas and issues that researchers and authorities should examine more closely. In contrast to the large size and advanced level of development of the U.S.-Mexico remittances corridor, examined in the first case study, the Canada-Vietnam corridor is small in absolute terms and still at a nascent stage of shifting from informal to formal systems. For purposes of discussion, 'The Canada-Vietnam Remittance Corridor' breaks down the remittance process into three stages: - the First Mile, when decisions are in the hands of the remittance sender; - the Intermediary Stage, comprising the systems that facilitate the cross-border transfer of funds, and; - the Last Mile, where the funds reach the hands of the remittance recipient. By analyzing the objectives, obstacles, incentives, and changes occurring at each of these stages in the Canada-Vietnam corridor, lessons are drawn for other remittance sending and receiving countries that seek to encourage formalization of the flows.

Download or read book Informal Value Transfer Systems Terrorism and Money Laundering written by Nikos Passas and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: To facilitate law enforcement and regulatory actions in the relatively unfamiliar field of IVTS, three items are produced in this report. First, an analysis of difficulties likely to be encountered in investigations of hawala transactions in contrast with anticipated difficulties in investigations of any transnational type of misconduct. The point is to show what is specific about hawala and how it impacts regulatory actions. Second, a distinction is drawn between informal funds transfer systems (IFTS) and informal value transfer methods (IVTM). Both are within the wider category of IVTS, but the latter almost always involves crimes and other misconduct, whereas the former are primarily serving legitimate customers. In this way, controllers would know whenever they detect an IVTM operation, crimes were very likely committed. On the other hand, when they detect an IFTS operation, they should not automatically assume crimes are committed. Third, two sets of indicators are developed regarding the operation of IFTS. One is indicators of IFTS activity. In such cases, if the US operators are not registered and licensed, as required, they would be committing an offense. Otherwise, the operations/transfers probably do not involve other crimes. The second set of indicators flags criminal abuse of IFTS. When one or several of them obtain in a given case, the situation would merit investigation to find out what types of funds are transferred and for what purposes. IVTS interface with a wide range of criminal transnational activities. Therefore: * Understanding IVTS requires a better understanding of transnational crime, an understudied area thus far. * Studying IVTS more in depth can contribute to a better understanding of transnational crime. To a very large extent, traditional forms of IVTS serve legitimate needs that cannot be met in other ways. It would be wise therefore to: * Explore ways of offering additional channels for fund transfers; * Ensure continuation of vital services and minimum disruption; * Improve institutional or official methods offering similar services; * Reduce economic and other criminogenic asymmetries. IVTS include an extremely wide range of methods from very low tech and simplistic to highly sophisticated; we also see the interface of several of them, including cross-ethnic collaborations. Terrorism funding can and has come from all of the above channels. It is essential, thus, to consider, * that paying attention only to hawala-type operations is misplaced and ineffective; * the need for inclusive, comprehensive policy based on an adequate understanding of interfaces; * focusing on the most significant, rather than excluding from policy considerations methods like trade diversion; and, * engaging in more in depth studies of each method with the view of training officials for better detection and separation of legal use from suspicious and criminal abuses. As pressure often mounts to take swift action, we need to calculate as precisely as possible the anticipated consequences of policy and measures of anti-terrorism or other initiatives, so that we can: * ensure international cooperation of law enforcement and other authorities is improved (seminars, training, awareness for domestic and foreign organizations); * ensure law enforcement requests for assistance are based on facts, not on flimsy and uncorroborated evidence; * ensure US law enforcement agencies assist in the work of overseas counterparts as reciprocity is indispensable for long term successes. On a different level, given that strategies related to the financing of terrorism cannot solve all problems, we need to fully understand and fight the roots of terrorism and other serious crime problems. Supply-side approaches only have a limited and rather short-term effect. Demand-side policies hold a stronger promise for a safer planet and protection of US interests. * Given the ease with which serious transnational crime occurs, it would be cost-effective to better understand the causes and facilitating circumstances of these crimes and construct policies aimed at tackling the root of the problem. Criminal policy is only an immediate term solution, but offers little hope of effectively dealing with the problem in the long run.

Download or read book The International Regulation of Informal Value Transfer Systems written by Anand Ajay Shah and published by . This book was released on 2010 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the 11th September 2001 attacks on the United States international attention quickly focused on the sources and methods of terrorist financing. Among the methods terrorists and other criminal actors use to transfer funds are Informal Value Transfer Systems (IVTS) which operate either outside the formal financial sector, or through use of the formal financial sector, but without leaving a full record of the transaction. Though the vast majority of funds moved through IVTS are the earnings of migrant workers and immigrant communities, the lack of uniform worldwide regulation of IVTS provides ample opportunity for abuse and misuse. The international community primarily responded to IVTS concerns through the Financial Action Task Force on Money Laundering, which issued a series of recommendations and best practices for states in regulating IVTS operations. While these recommendations are a secure beginning to regulation of IVTS operating within ethnic communities, they fail to address the more modern forms of IVTS that have come about in the post-Cold War globalised world. Comprehensive recommendations governing all types of IVTS, as well as concerted international cooperation and coordination are necessary to address this global phenomenon.

Download or read book A Paper Chase in a Paperless World written by Matthew Rosenbaum and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Informal Value Transfer Systems (“IVTS”) are types of remittance mechanisms that allow funds to change hands and cross borders without necessarily passing through the conventional banking sector. While many IVTS transfers serve legitimate purposes, in a post-9/11 world, IVTS have garnered increased attention as potential sources of funding for terrorism or other criminal activity. This note examines past approaches to IVTS regulation in the United States and abroad, and outlines the obstacles that have undermined effective regulation. To overcome such obstacles, it argues that the United States and the international community should adopt new regulatory measures, including positive incentives to increase self-regulation and cooperation between IVTS operators and law enforcement. This note further discusses how the government should enact and enforce such new incentives, arguing that implementation methods -- including a focus on procedural justice concerns -- may strongly impact co-operation rates with law enforcement.

Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.