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.
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.
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.