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Alternative Remittance Systems and Terrorism Financing : Issues in Risk ManagementTerrorism can endanger innocent human life and tear the very threads that hold society together, namely, trust and security. Governments have mobilized a variety of tools in response, ranging from the political to the economic. In attempting to prevent and detect terrorist financing and other forms of material support, those offering financial services have been required to heighten their vigilance of potential terrorist abuse of those services. While protecting financial services from potential abuse, care should be taken not to deny access to those services to those most in need. Dejection and social exclusion are very often conducive to terrorism; therefore, ensuring inclusion of the disenfranchised and creating possibilities for their advancement are key parts of the broader, long-term struggle against terrorism and extremism. The paper begins with a brief description of alternative remittance system (ARS) models and their prevalence. It then covers their potential relationship with terrorist financing, citing cases where ARS have been abused for terrorism financing (TF) purposes. Ways in which countries may control these risks and indications of their effectiveness are covered next. The final chapter provides recommendations on how best to mitigate the risks while ensuring legitimate access to financial services via ARS.
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Migrant Remittance Flows : Findings from a Global Survey of Central BanksDrawing on the findings from responses to a survey conducted in 2008-09 from 114 central banks worldwide (of which 33 are in Africa), this paper aims to better understand how central banks and other national institutions regulate and collect data and other information on cross-border remittance flows. Findings indicate that, although the vast majority of countries, in both sending and receiving countries, collect data on remittances, and 43 percent of receiving countries estimate informal remittances, there is a need for more frequent and better coordinated data collection, both across national institutions and among different divisions within the same national institution, as well as between countries. Survey results also indicate that many new market entrants' transfer activities are unregulated. Countries must take into account new channels and technologies, such as mobile phone service providers, in monitoring remittance flows. It will be important for national regulatory authorities to work closely with mobile telecoms network operators to strike the right regulatory balance, to better understand these new channels' associated risks and fully tap their potential for fostering inexpensive, efficient remittance transfer services. The high cost of transfers was cited in the survey as the top factor inhibiting migrants from using formal channels. Many countries, particularly in Africa, have made progress in rendering exclusivity contracts illegal, which can help increase competitiveness and reduce transfer costs. Further policy reforms and initiatives are needed to address the high costs of remittances.
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Migrant Remittance Flows : Findings
 from a Global Survey of Central BanksDrawing on the findings from responses
 to a survey conducted in 2008-09 from 114 central banks
 worldwide (of which 33 are in Africa), this paper aims to
 better understand how central banks and other national
 institutions regulate and collect data and other information
 on cross-border remittance flows. Findings indicate that,
 although the vast majority of countries, in both sending and
 receiving countries, collect data on remittances, and 43
 percent of receiving countries estimate informal
 remittances, there is a need for more frequent and better
 coordinated data collection, both across national
 institutions and among different divisions within the same
 national institution, as well as between countries. Survey
 results also indicate that many new market entrants'
 transfer activities are unregulated. Countries must take
 into account new channels and technologies, such as mobile
 phone service providers, in monitoring remittance flows. It
 will be important for national regulatory authorities to
 work closely with mobile telecoms network operators to
 strike the right regulatory balance, to better understand
 these new channels' associated risks and fully tap
 their potential for fostering inexpensive, efficient
 remittance transfer services. The high cost of transfers was
 cited in the survey as the top factor inhibiting migrants
 from using formal channels. Many countries, particularly in
 Africa, have made progress in rendering exclusivity
 contracts illegal, which can help increase competitiveness
 and reduce transfer costs. Further policy reforms and
 initiatives are needed to address the high costs of remittances.