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

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.

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

In Australia, alternative remittance dealers fall within the definition of cash dealers' under the FTR Act, and are therefore subject to the same requirements as financial institutions, including in their reporting obligations to AUSTRAC.

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.

The remittance flow continues to be buoyant.

(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?

Cash couriers, alternative remittance systems and charities can all be exploited to finance terrorism, and the challenge for the international community lies in finding a proper balance between restricting the flow of money to terrorists and allowing legitimate transactions to continue freely.

The Team believes that when money crosses borders it does so most commonly by cash couriers and through informal remittance systems, though electronic transfers may be made between operatives who are thought not to have come to the attention of the authorities.

alternative remittance systems are difficult to licence or to supervise.

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

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

Cash holdings

Cash advances

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

Working capital is measured through the difference between resources in cash or readily convertible into cash (Current Assets), and cash requirements (Current Liabilities).

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

Contributions in cash

C. Cash couriers

Selective Cash Assistance

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.

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.

Credit card or cash?

Credit card or cash?

Cash Aid for Africa

Apple s Cash Flow Problem

Management of petty cash

SR IX. Cash Couriers

a transaction involving cash

4120 Cash margin requirement

Cash and term deposits

The cash budget is funded through cash contributions recorded as income to the General Fund (GF).

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).

Regular budget cash flow projection