Alternative 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.

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.

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

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.

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.

E. Alternative informal remittance systems

There are no alternate remittance systems.

Remittance income formed a big part of Yemen s budget.

(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.

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.

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

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

Has this name been circulated to alternative remittance systems?

alternative remittance systems are difficult to licence or to supervise.

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.

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.

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

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.

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

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

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

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.

Shareholders organized themselves into pension funds, investment funds, and hedge funds.

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

Every year, thousands of desperate Tajik citizens leave the world's most remittance dependent country for a better life, mostly in Russia.

It is still common for electronic remittance or invoicing to be printed in order to maintain paper records.

Provision of funds

Custody of funds

Investment of funds

Source of funds

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.