electronic remittance transfer has become one of the most popular method of sending and receiving money across the world. This form of transaction is however, is considered to be one of the most reliable techniques within formal and informal financial institutions. Diaspora money transfer network agencies around the world place great emphasis on privacy, safety and network security to senders and receivers. At the same time the channel used to send remittances are considered to be a challenge to measure based on regulatory policies that are use to oversee this type of transaction. According to the IMF, International Transactions in Remittances: Guide for Compilers and Users October 2009, "cross border remittance are a challenge to measure because they are heterogeneous" it shows that this is due to the various channels that are being used to send money along with the "financial system, and the "overall institutional environment of the sending and receiving countries." this paper seeks to highlight some of the various trends and recent developments in the remittance industry with specific focus on Jamaica and Canada. A brief overview of the …show more content…
Author Emiko Todoroki, Matteo Vaccani and Wameek Noor in thier overview of "The Canada-Caribbean Remittance Corridor: Fostering Formal Remittance to Haiti and Jamaica Through effective regulations." shows how the Bank of Jamaica "undertakes rigorous assessment in relations to the regulatory framework under which remittance is governed." The article shows that money transfer operators and other subagents who want to operate in the Jamaica are subjected to adhere to the licensing regime in the country. Money transfer companies that want to operate within Jamaica that has more than one subagent are faced with high prices and long licensing wait time. (Todoroki, Vaccani, Noor
The Great Migration started in 1910 and continued through 1930. It was a period in time which saw 1.6 million African Americans relocate from the southern states to the northern states(AAME). There are four main which contributed to this occurring. The first was better and more skilled job opportunities available in the north. Many blacks were not allowed to work or hold high paying jobs in the South. The second was the oppression of African Americans in the South. They were treated very poorly and were often victims of racism and crime at a much higher rate than in the Northern states. The third was they wanted to have the right to vote. The Jim Crow laws restricted African Americans from basic rights including voting, in the South, while
“Jamaica’s a country of great dichotomy. On the one hand you have a tourist industry with great beaches and resorts, but on the other you have such great poverty and the violence that goes along with that.”(Michael Franti) In this paper, I will talk about the geography, the history of Jamaica, the people that live there now and that lived there in the past, the lifestyle of the society, and the society, like the government and economy.
The Dominican Republic is a country appealing to the Haitians, because that is the nearest to them and can have better quality of life. But, in recent years we have seen a massive immigration from Haiti to Dominican Republic. These leads us to ask, what are the reasons which the people of Haiti are fleeing their country. These factors are: to escape of the poverty, deficiency of basic services and lack of jobs. Due to the scarcity of resources, lack of access to basic services and lack of job opportunities, many haitian families have been used as a defense mechanism traditional your transfer to the Dominican Republic to have access to health care services, public schools or work in the agricultural
The economics of Haiti has deceased in the last 4 years after the devastating earthquake that struck it 4 years ago. The Haiti economy has become very poor and one of the poorest country in the south, Central America and Caribbean region making it ranked 24 out of 29 countries in this area and its overall score is below average. Haiti’s economic freedom is 48.1 making it economy the 151st freest country while in the last several years Declines in the management of government spending, freedom from corruption, and labor freedom make its overall score 2.6 points lower than last year. Recovering from the disastrous earthquake in 2010 with the support of the U.S. recovering efforts “Haiti’s post-earthquake reconstruction efforts continue, assisted by substantial aid from the international community. Governing institutions remain weak and inefficient, and overall progress has not been substantial. The parliament has not renewed the mandate of the Interim Haiti Recovery Commission, which had been tasked with overseeing reconstruction efforts but was unpopular.”( .heritage.org). The open market of Haiti trade weighted to be 2.1 this is because the lack of tariffs hamper the trade freedom of Haiti. Foreign investors are given national treatment but the investment is small and the financial sector is remained underdeveloped and does not provide any adequate support.
Terrorist and criminal organization have internal problems that can be exploited by law enforcement and policy makers. Form author Nikos Passas we understand that terrorist organization have a lot of different methods of funding, including crime and charities. According to Passas the best way to combat this is to increase transparency and traceability in economic transactions, which was also concluded by author Jonas R. Want in his article discussing the regulation of Hawala. By doing this globally we can combat the financing of terrorist and criminal groups by having better knowledge of the movement of their money. According to author William Phil’s two thousand and seven peace, following the money is the most powerful tool in combating illegal financial transactions. The argument is supported by an Bichler, Bushes, and Malm’s article that states that understanding the market system in which criminal organizations operate is necessary when identifying the key players and mechanisms used. Overall, strengthening financial transaction transparency will help law enforcement combat both terrorist and criminal organization which will have great affects on both organizations
Foreign aid is financial help given by a country to another for purposes of economic stabilization, poverty and living standard. This essay will elaborate an issue that it is necessary to spend money on foreign aid. There are three premises supporting the main conclusion, the first reason is that aid saves lives, while the premises that aid improves education and aid reduces poverty rate both can be objected and rebuttal are also given. Furthermore, there are also two objection given which can be rebutted.
Bitcoin is a form of digital currency that is similar to physical cash stored in a digital form. It is the first fully implemented cryptocurrency protocol utilizing an open source peer-to-peer payment system. As a transfer protocol, it fundamentally functions as a money transfer medium that sends bitcoins from user to user without the need of a third-party intermediary and the system is protected by peer-reviewed cryptographic algorithms. This cryptographic digital currency simultaneously provides users a method to exchange money for free or a nominal fee, which is mutually beneficial for retailers and consumers. The main concern is that it can be used for illegal activities such as the purchase of drugs, weapons and other illegal goods. Albeit true, the concern also exists with all other forms of regulated currency, such as cash and wire transfers. Anonymity is one of the greatest Bitcoin perks, however, nothing is as untraceable as cash. It is the solution to the leading economic and security issues that have left everyone vulnerable, particularly in the wake after the Target security breach in which hackers stole unencrypted credit card and debit card data for 40 million customers’ as well as their pins over the span of two weeks before it was detected. In addition, these hackers were also able to obtain the names, addresses, phone numbers, and email addresses of 70 million customers (Andreesen 6). If Bitcoin were to be used as the standard form of payment, the transaction data does not identify the purchaser’s identity and all information is encrypted. It is the most secure payment method and is a more secure future. Bitcoin is a technologically innovative soluti...
Being an international student is exciting. It offers a lot of exposure and scope for improvement. Canada has a lot of institutions that accept foreign students, but before that, the practical difficulties an international student might face in the country should be noted.
As globalization continues to flourish and evolve, this creates further opportunities in which individuals are able to launder money with greater ease, efficiency in profit and sophistication. Through the forms of economic globalization, people may use new forms of travel to their advantage and personal gain. It is widely recognized (Pfaller, A & Lerch, M 2005, Auernheimer, L 2003) that this is becoming a significant challenge in the international sphere. Through globalization, criminals are able to create new means to commit crime for an economic benefit and avoid prosecution through new forms of travel. This allows them to spread transactions across multiple nations around the globe, thus increasing the number of obstacles that need to be overcome for an investigation to be completed (Karofi, U, Mwanza, J). For example, this can be explained through the new forms of money laundering. Money laundering is ‘the process by which one conceals the existence, illegal source, or illegal application of income, and disguises that income to make it appear legitimate’ (President’s Commission on Organised Crime 1984, p. 7). This can be achieved through the process of transporting diamonds or gold or even through wire transfers (Morris-Cotterill, N). The lack of risk that is involved in these contemporary crimes is increasing the appeal for crimes such money laundering to occur. This is due to the fact that criminals know that it will prove to be difficult to investigate and prosecute their activities when it occurs on a transnational basis. This, in turn, gives more individuals the opportunity to commit these crimes with little risk that they will be caught. Furthermore, this targets potential naïve victims into partaking in these forms of c...
Approximately 100 metric tons of cocaine passes through Jamaican shores every year (Jamaica: Army to assist police in fighting crime, drugs, 2002). With the U.S. focusing their efforts on protecting the home front, the Caribbean has become more fertile for an increase in crime. However, it appears that this region is relying heavily on itself to pave the way for positive change. During a three-day summit, a regional task force established by Caribbean governments will implement certain initiatives to decrease crime in the immediate future as well as long-term plans to alleviate poverty, inequality and social marginalization (Jamaica: Army to assist police in fighting crime, drugs, 2002).
This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...
This “black money” along with illegal exports taint local economies and corrodes the financial structure in developing countries where organized crime has strongholds. Developing countries become the targets for such practises due to the ability for organised crime groups to manipulate the system in place to their benefit. A country’s tax system is an important economic feature that has a major impact on organized criminal activities. A financial environment in the country where tax evasion is prevalent is often accompanied by the higher levels of organized crime associated with the nature and scale of money laundering. Organised crime groups take advantage of an already weak system to benefit their own enterprises. Instead of being granted a chance to improve, developing countries’ financial systems are stemmed from achieving success due to the presence of malicious “black money” operations done by crime groups. A great deal of money traverses these illegal systems every year, and it put to use on more illicit trades, operations, etc. Consequently, “according to an estimate by the non-profit Global Financial Integrity group, $1 trillion vanishes from the developing world’s economies every year. That is money that is badly needed for development” (Indrawati). By taking the money from countries where the regulations are not as strict in turn squanders any chance that
receiving money by means of computers in an easy, secure and fast way using an account-based system. This can be
The. Caribbean Quarterly 51.1 (2005): 15-24. JSTOR.com - "The New York Times" Web. The Web. The Web.
...ng an acceptable form of transaction.Governments need to be more transparent to the public.A lot of ‘under table’ transaction take place in the most basic everyday services(passport,license, tax).Such services has the capability to go online reducing the red tape as money is only used via online transaction.