The activities of Money Remittance or Transfer services will be monitored and regulated by proposed amendments to the Anti Money Laundering Act.

At present there are no specific provisions to authorize or regulate the activities of money remittance or transfer services.

The CTC would appreciate receiving the number of money remittance agencies transfer services registered and or licensed in the Netherlands, Netherlands Antilles and Aruba.

1.6 The CTC notes that at present there are no legal provisions to authorize or regulate the activities of money remittance or transfer services.

Sub paragraph 1 (d) of the Resolution requires States to have legal measures in place to regulate alternative money remittance agencies transfer services and informal banking networks.

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.

Initiatives were also needed to improve remittance services to migrants and reduce transfer costs.

No money remittance agencies are operating outside the banks (see the answer to the question 1.6).

The exploitation of Alternative Remittance Systems such as trade based money, hawala and NGOs are addressed.

In some States where money or value transfer services are allowed only to institutions licensed or registered as banks, alternative remittance systems are automatically an illegal and underground form of banking.

Alternative remittance systems that transfer money or other assets using conduits other than formal financial institutions can similarly be an obstacle to combating money laundering.

Alternative remittance systems

I've told you my remittance hasn't come. Remittance indeed! said Mrs. Hall.

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.

Harnessing the Remittance Boom

SR VI. Alternative remittance

Alternative informal remittance systems

Migrants remittance behavior is essentially dictated by the regulatory environment and the quality in terms of speed, cost, security, and accessibility of products and services offered by banks, money transfer companies, micro finance institutions, and informal operators.

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.

E. Alternative informal remittance systems

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

Sending money to some countries is now allowed only through formal banking channels, and this has created virtual monopolies while also preventing remittance money from reaching rural areas where banks don t operate.

(iii) Deliver value for money outputs and services

1.6 Please outline those provisions and or mechanisms in place that regulate alternative remittance services, such as hawala, that operate in Syria.

There are no alternate remittance systems.

Law no 48 of June 26 2003 published in Official Gazette no 24831 of June 26 2003 regulates the operations of money remittance companies.

The remittance flow continues to be buoyant.

Remittance payments made 299 441 763 534

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.

And thank you in advance for your remittance.

Other forms of alternative remittance system, such as hundi or hawala, could be discussed here. In addition, other modi operandi (typologies) of money laundering could be discussed.

Two of those cases one filed by a charity, Benevolence International Foundation, and the other by money remittance firms and a related individual were dismissed years ago.

In some States informal remittance systems are neither regulated nor illegal, but in these cases their laws generally apply only to money transfers made from or to accounts maintained at banks and do not cover informal money transfers.

It also seeks to identify individuals and businesses that provide alternative remittance services, including those that have not engaged with the Unit as required by law.

Remittance income formed a big part of Yemen s budget.

Has this name been circulated to alternative remittance systems?

Lending money at interest was identified with usury, or making money from money rather than from goods and services a distinction that goes back to Aristotle, for whom money was barren.

(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

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.

alternative remittance systems are difficult to licence or to supervise.

Money not spent on tobacco would be spent on other goods and services.

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.

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.

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