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R. Barry Johnston

Abstract

The First International Conference on Hawala, hosted by the government of the United Arab Emirates under the leadership of the Central Bank of the U.A.E. in May 2002, was a groundbreaking event that produced the Abu Dhabi Declaration on Hawala. The IMF was very pleased that the government of the U.A.E., again with the leadership of the Central Bank, collaborated with the IMF to organize this second conference.

Andres Arboleda Uribe

Abstract

This paper discusses Colombia’s experience of implementing a regulatory framework for money transfers that is capable of attracting money remitters to cross the line to a formal system. It also describes the supervisory practices and procedures the country designed and has applied for the past 12 years to enforce those regulations.

Paulo Roberto Gonçalves

Abstract

The purpose of this paper is to comment on the Brazilian foreign exchange system and to show why informal money transfers are not allowed. The sections that follow briefly describe Brazil’s financial system and its foreign exchange system and discuss the most important aspects of their regulation. The section “Monitoring of the Foreign Exchange System” comments on the surveillance procedure, which aims to maintain the regular operation of the system. The last part of this paper describes the treatment of informal money transfers.

David Faulkner

Abstract

This paper describes both how the United Kingdom regulates its money service businesses and how, in doing so, it fulfills the requirements of Financial Action Task Force (FATF) Special Recommendation VI. Recommendation VI calls on countries to take measures to ensure that informal money or value transfer systems are licensed or registered and subject to all the FATF recommendations that apply to banks and nonbank financial institutions.

Raúl Hernández-Coss

Abstract

In recent years, as remittance flows and funds transfer systems have become increasingly important for international policymakers, the broad concepts of remittance phenomena have become well documented. This essay compares the key features of two remittance corridors, identifying two distinct stages for inducing a comprehensive shift from informal to formal channels. The main source of analytical information is work conducted by the World Bank in support of the Asia-Pacific Economic Cooperation (APEC) Remittance Initiative. Additional research could explore in more detail how the features of a given corridor should be addressed in implementing regulations and how operators in the formal sector can best reach remittance senders.

Maud J. Bökkerink

Abstract

Given the large turnover in the money remittance sector, money remittance offices are considered a significant part of the Dutch financial system. In addition, because it has emerged that money remittances can be misused for money laundering and terrorist financing, the Netherlands has found it necessary to regulate the money remittance providers.

Saeed Al-Hamiz

Abstract

Hawala can be simply defined as an alternative or parallel remittance system that exists and operates outside the traditional banking system. Typically, a hawala transaction transfers the value of money from one country to another without the corresponding movement of cash or cover across borders. Another way of looking at the transaction is that it is a transfer of debt.

Charles Lengalenga

Abstract

The Eastern and Southern Africa Anti–Money Laundering Group (ESAAMLG) was conceived in 1999 and is a Financial Action Task Force–style (FATF-style) regional body with a membership of 14 countries—Botswana, Kenya, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe.

Nikos Passas

Abstract

Hawala means “transfer” in Arabic and refers to a traditional informal and efficient funds transfer method used by millions of expatriates to send remittances to their families around the world. Several studies emphasize hawala’s economic and humanitarian significance. In the midst of calls to shut down all potential means used by militants to finance their terror, the First International Conference on Hawala, held in 2002 in Abu Dhabi, was successful in offering an opportunity to examine hawala beyond media sensationalism and rushed policy responses.

Samuel Munzele Maimbo

Abstract

In September 2004, Da Afghanistan Bank, the country’s central bank, introduced legislation to regulate and supervise the activities of money service providers in Afghanistan. This regulation applies to all individuals and legal entities that provide money services in Afghanistan, whether or not the individuals and legal entities are domiciled in Afghanistan. For the purposes of the regulation, money services are defined to include safekeeping, money transmission, check cashing, and currency exchange. A licensed money service provider is entitled to engage in all of the activities of a foreign exchange dealer, but a licensed foreign exchange dealer may not engage in safekeeping, money transmission, or check cashing without upgrading its license to that of a money service provider.1