Regulatory Frameworks for Hawala and Other Remittance Systems [electronic resource]

International Monetary Fund
Washington, D.C. : International Monetary Fund, 2005.
IMF eLibrary
Government document
1 online resource (120 p.)
Local subjects:
Account number.
Accounting standards.
Acts of terrorism.
Administrative sanctions.
Alternative remittance.
Alternative remittance systems.
Anti-money laundering.
Anti-money laundering requirements.
Anti-money laundering standards.
Anti-money laundering systems.
Assessment process.
Average remittance.
Average remittances.
Average value of remittance.
Average value of remittances.
Bank account.
Bank accounts.
Bank branches.
Bank deposits.
Bank licensing.
Bank rate.
Bank transfers.
Banking facilities.
Banking relationships.
Banking supervision.
Banking system.
Capital flows.
Capital movements.
Cash transactions.
Central bank.
Combat money laundering.
Combating money.
Combating money laundering.
Competent authorities.
Complete originator information.
Compliance officer.
Cost of remittances.
Counter terrorist financing.
Counterterrorism programs.
Credit union.
Criminal activities.
Criminal activity.
Criminal case.
Criminal elements.
Criminal groups.
Criminal investigation.
Criminal justice.
Criminal organizations.
Criminal purposes.
Criminal record.
Criminal records.
Criminal sanctions.
Customer identification.
Customer identification requirements.
Customer requirements.
Detecting terrorist financing.
Direct investment.
Distribution networks.
Distribution of remittances.
Domestic remittance.
Drug money.
Drug trafficking.
Due consideration.
Due diligence.
Due diligence procedures.
Due diligence process.
Economic crimes.
Effects of remittances.
Enforcement authorities.
Enforcement powers.
Ensuring compliance.
Exchange operations.
Exchange rate.
Exchange transactions.
Fighting money laundering.
Financial abuse.
Financial activity.
Financial crime.
Financial crimes.
Financial fraud.
Financial institutions.
Financial intelligence unit.
Financial intermediaries.
Financial market integrity.
Financial operations.
Financial sector.
Financial service providers.
Financial services.
Financial soundness.
Financial transactions.
Financing of terrorism.
Flow of remittances.
Foreign authority.
Foreign banks.
Foreign exchange.
Foreign exchange contracts.
Foreign exchange operations.
Foreign exchange transactions.
Foreign jurisdiction.
Foreign law enforcement authorities.
Formal remittance.
Formal remittances.
Funds transfers.
Global remittance.
Global remittance market.
Growth of remittance.
Illegal activities.
Illegal activity.
Illegal arms sales.
Illegal funds.
Illegal transactions.
Illicit arms trafficking.
Illicit funds.
Illicit trafficking.
Impact of remittances.
Importance of remittances.
Increased competition.
Independent source documents.
Informal remittance.
Informal remittance systems.
Informal remittances.
Internal control.
Internal controls.
International community.
International cooperation.
International standards.
International terrorism.
International trade.
International transfers.
Investigative agencies.
Investigative techniques.
Investment bank.
Inward remittances.
Judicial framework.
Know your customer.
Large cash transactions.
Laundering activities.
Laundering standards.
Law enforcement.
Law enforcement actions.
Law enforcement agencies.
Law enforcement authorities.
Law enforcement databases.
Law enforcement information.
Law enforcement investigations.
Law enforcement officers.
Legal entities.
Legal entity.
Local currencies.
Market integrity.
Market remittance.
Market transparency.
Meaningful originator information.
Migrant labor remittances.
Migrant workers remittances.
Militant groups.
Monetary instruments.
Money launderers.
Money laundering.
Money laundering activities.
Money laundering cases.
Money laundering purposes.
Money laundering regulations.
Money laundering requirements.
Money laundering standards.
Money laundering typologies.
Money remittance.
Money remittance office.
Money remittance offices.
Money remittances.
Money remitters.
Money transfer.
Money transfer business.
Money transfer industry.
Money transfer mechanisms.
Money transfer providers.
Money transfer system.
Money transfers.
Narcotic drugs.
Negotiable instruments.
Organized crime.
Overseas remittances.
Payment chain.
Payment systems.
Precious stones.
Prudential regulation.
Regulatory authorities.
Regulatory authority.
Regulatory environment.
Regulatory frameworks.
Regulatory measures.
Regulatory requirements.
Remittance business.
Remittance businesses.
Remittance companies.
Remittance company.
Remittance corridor.
Remittance corridors.
Remittance flows.
Remittance market.
Remittance mechanisms.
Remittance payments.
Remittance process.
Remittance products.
Remittance providers.
Remittance receiving.
Remittance receiving countries.
Remittance sector.
Remittance sectors.
Remittance sender.
Remittance senders.
Remittance services.
Remittance system.
Remittance systems.
Remittance transactions.
Remittances flows.
Reporting obligations.
Reporting requirements.
Risk management.
Savings bank.
Send remittances.
Share information.
Supervisory authorities.
Supervisory body.
Supervisory framework.
Supervisory frameworks.
Supervisory regimes.
Supervisory standards.
Supervisory systems.
Suspicious activity.
Suspicious activity reporting.
Suspicious transaction.
Suspicious transaction report.
Suspicious transaction reporting.
Suspicious transactions.
Tax authorities.
Tax evasion.
Telegraphic transfer.
Telegraphic transfers.
Terrorist activities.
Terrorist activity.
Terrorist acts.
Terrorist attacks.
Terrorist finance.
Terrorist financing.
Terrorist financing measures.
Terrorist financing purposes.
Terrorist groups.
Terrorist organizations.
Total value of remittances.
Total volume of remittances.
Transaction reporting.
Transaction reporting requirements.
Transfer of remittances.
Transferring funds.
Undercover operations.
Unusual transactions.
Value of remittance.
Value of remittances.
Value transfer.
Value transfer system.
Volume of remittances.
Wire transfers.
Workers remittances.
Afghanistan, Islamic Republic of.
Hawala and other remittance systems have gained attention in recent years with the substantial growth of remittance flows from countries with large migrant labor forces and with increased focus on combating money laundering and the financing of terrorism. The IMF and the World Bank have been researching these systems since 2002 to better understand the interplay of historical, cultural, and economic factors that promote such systems. This book is a survey of regulatory practices and an overview of experiences in different countries, and includes articles on regulatory frameworks in remitting and receiving countries and on the problems that can arise when regulating remittance systems.
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