Work of the IMF and informal funds transfer systems / R. Barry Johnston -- Formalizing the informal? Problems in the national and international regulation of hawala / Nikos Passas -- Comparing mature and nascent remittance corridors: U.S.-Mexico and Canada-Vietnam / Raúl Hernández-Coss -- Hawala: a U.A.E. perspective / Saeed Al-Hamiz -- The Netherlands: supervision of money remittance offices / Maud J. Bökkerink -- U.K. regulation of money service businesses / David Faulkner -- Challenges of regulating and supervising the hawaladars of Kabul / Samuel Munzele Maimbo -- Banco Central do Brasil's foreign exchange systems / Paulo Roberto Gonçalves -- Regulatory and supervisory framework of funds transfers in Colombia / Andres Arboleda Uribe -- Some critical issuses on informal value transfer systems in Eastern and Southern Africa anti-money laundering group member countries / Charles Lengalenga -- Somalia: the experience of hawala receiving countries / Mohamed Djirdeh Houssein
Summary
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