Alternative remittance systems

Harnessing the Remittance Boom

SR VI. Alternative remittance

Alternative informal remittance systems

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

E. Alternative informal remittance systems

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.

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.

Don't let this chance slip by.

The remittance flow continues to be buoyant.

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.

We must not let the opportunity slip.

According to the CIA and the Central Bank of Somalia, despite experiencing civil unrest, Somalia has maintained a healthy informal economy, based mainly on livestock, remittance money transfer companies and telecommunications.

I won't let you slip away so easily.

But they let it slip through their fingers.

(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

Remittance income formed a big part of Yemen s budget.

Has this name been circulated to alternative remittance systems?

The Anglophone strategy focuses on freeing up the remittance market by encouraging competition, relaxing regulatory constraints for non bank operators, offering financial incentives, encouraging technical and financial innovation, and stimulating collaboration among market players.

alternative remittance systems are difficult to licence or to supervise.

Thus We slip it into the hearts of the guilty .

According to resolution 1455 (2003) reports, the top seven remittance receiving States in 2001, as identified by the World Bank, with the exception of one, were silent on alternative remittances or whether unregistered systems were illegal.

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

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

According to resolution 1455 (2003) reports, the top four remittance source States in 2001 as identified by the World Bank all require money transfer services to register, implement know your customer rules and file suspicious transactions reports.

Hold up my goings in thy paths, that my footsteps slip not.

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

1.5 The Central Bank has no mandate to supervise charitable and religious associations and has no role in supervising the use and transfer of their private resources, except within the limits of its mandate to monitor inward and outward remittance transactions.

Thou hast enlarged my steps under me, that my feet did not slip.

Other countries, however, have taken steps to make remittance transfers possible via mobile phones.

(q) Issues related to the informal and cash based economy, including alternative remittance systems

Policies and projects that facilitated the development impact of remittances must be analysed. As half of remittance senders and the majority of remittance recipients, women were playing a central role in managing and distributing such income.

Thou hast enlarged my steps under me so that my feet did not slip.

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

One State has recorded some success in encouraging the voluntary registration of alternative remittance systems.

Egyptian netizens would not let the opportunity slip without poking fun at the poster bonanza.

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

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).

We slip into thinking that always being connected is going to make us fell less alone.

We must not slip back into a business as usual approach as Fukushima recedes from memory.

Or the US could slip into recession (though modest growth is certainly the central scenario nowadays).

There is now a sense of humanitarian momentum, and we should not let it slip by.

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