The regulation and supervision of informal remittance systems
Samuel Munzele Maimbo, Nikos Passas
Attempts to clamp down on the transfer of funds for terrorism following the attacks of September 11 2001 have included calls to regulate and supervise informal monetary transfer systems. This paper outlineshow informal transfer systems operate, and points to the difficulties inherent in investigating and regulating them. The recent efforts on the part of the Financial Action Task Force to regulate informal
remittance organizations are described. The authors argue that because there is insufficient theoretical and practical experience with formal and informal remittance regulation and supervision, international
and domestic policies currently being developed should not impose an overly excessive level of regulation, which might stifle rather than promote the growth of an innovative yet accountable and transparent
sector.
how informal transfer systems operate, and points to the difficulties inherent in investigating and regulating them. The recent efforts on the part of the Financial Action Task Force to regulate informal
remittance organizations are described. The authors argue that because there is insufficient theoretical and practical experience with formal and informal remittance regulation and supervision, international
and domestic policies currently being developed should not impose an overly excessive level of regulation, which might stifle rather than promote the growth of an innovative yet accountable and transparent
sector.
Informal Value Transfer Systems, Terrorism and Money Laundering
Passas, Nikos
(2003)
https://doi.org/10.2139/ssrn.1327839 [Citations: 22]Migrant Remittances in South Asia
Social Organization of Hundi: Informal Remittance Transfer to South Asia
Rahman, Md Mizanur
Yeoh, Brenda S. A.
2014
https://doi.org/10.1057/9781137350800_5 [Citations: 0]Underground banks in NYC, their main clientele and operators: The perspective of Chinese illegal immigrants
Zhao, Linda Shuo
International Journal of Law, Crime and Justice, Vol. 41 (2013), Iss. 1 P.36
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Agyeman, Fredrick Oteng
Dapaah, Malcom Frimpong
Sampene, Agyemang Kwasi
Monto, Abdul Razak
Kedjanyi, Emmanuel Adu Gyamfi
(2022) P.097152312211363
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Arun, Thankom Gopinath
Ulku, Hulya
(2008)
https://doi.org/10.2139/ssrn.1299523 [Citations: 0]The Failure of Financial Regulation
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Busumtwi-Sam, James
2019
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Passas, Nikos
Journal of Scandinavian Studies in Criminology and Crime Prevention, Vol. 7 (2006), Iss. sup1 P.46
https://doi.org/10.1080/14043850601029083 [Citations: 11]The Oxford Handbook of Crime and Public Policy
Money Laundering
Levi, Michael
Reuter, Peter
2012
https://doi.org/10.1093/oxfordhb/9780199844654.013.0015 [Citations: 1]The Palgrave Handbook of Contemporary International Political Economy
International Migrations, Diasporas, and Remittances
Busumtwi-Sam, James
2019
https://doi.org/10.1057/978-1-137-45443-0_12 [Citations: 0]Structures, functions and flows of IWT: deconstructing a criminal network between East Africa and Southeast Asia
Costa, Jacopo
Crime, Law and Social Change, Vol. 77 (2022), Iss. 5 P.577
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Zhao, Linda Shuo
International Criminal Justice Review, Vol. 22 (2012), Iss. 1 P.5
https://doi.org/10.1177/1057567712438917 [Citations: 1]Migration and Remittances
Brown, Richard P.C.
Jimenez-Soto, Eliana
2015
https://doi.org/10.1016/B978-0-444-53768-3.00020-5 [Citations: 7]Migrants’ Remittances and Financial Development: Macro- and Micro-Level Evidence of a Perverse Relationship
Brown, Richard P. C.
Carmignani, Fabrizio
Fayad, Ghada
The World Economy, Vol. 36 (2013), Iss. 5 P.636
https://doi.org/10.1111/twec.12016 [Citations: 68]Another consequence of the economic crisis: a decrease in migrants’ remittances
Ruiz, Isabel
Vargas-Silva, Carlos
Applied Financial Economics, Vol. 20 (2010), Iss. 1-2 P.171
https://doi.org/10.1080/09603100903266450 [Citations: 17]Regulatory Frameworks for Hawala and Other Remittance Systems
2005
https://doi.org/10.5089/9781589064232.072 [Citations: 2]THE SOCIAL ORGANIZATION OFHUNDI
Rahman, Md Mizanur
Yeoh, Brenda S.A.
Asian Population Studies, Vol. 4 (2008), Iss. 1 P.5
https://doi.org/10.1080/17441730801963490 [Citations: 16]Hawala Under Scrutiny: Documentation, Surveillance and Trust
Razavy, Maryam
Haggerty, Kevin D.
International Political Sociology, Vol. 3 (2009), Iss. 2 P.139
https://doi.org/10.1111/j.1749-5687.2009.00068.x [Citations: 17]Financial Inclusion and Development
Sarma, Mandira
Pais, Jesim
Journal of International Development, Vol. 23 (2011), Iss. 5 P.613
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