Michael was a 27-year veteran of the Internal Revenue Service, Criminal Investigation Division. He retired in 1998 and formed a Miami based consulting firm specializing in international money laundering, Bank Secrecy Act, Patriot Act, asset forfeiture, compliance and related matters. The firm has been a network of retired Special Agents, each with in-depth experience in money laundering investigations.Details
On November 11th, as part of IMTC WORLD 2016 we will be having a “DE-RISKING & BANK DISCONTINUANCE FORUM” to discuss the impact of this practice in the Money Transfer, Remittance and Payment Industry as well as the U.S. depository institutions termination of correspondent accounts of foreign financial institutions (FFIs) as well as some US Banks forcing local bank account closures by their corresponding banks in many countries in the world.Details
Our September conference in Delhi was without a question of a doubt one of the most challenging conferences IMTC has done ever. It would take me many paragraphs to explain this statement, so I am not going to elaborate much more. But at the same time, it has been one of the most rewarding conferences due to the engagement of the attendees and the great feedback received. We had close to 100 attendees from 14 countries: US, UK, Spain, Portugal, Mexico, Russia, UAE, Nepal, Hong Kong, Mongolia, Singapore, Israel and the host country, India. All Photos have been posted here.Details
OVERSEAS WORKERS IN SAUDI ARABIA
When migrant workers are left stranded, should governments step in?
The situation in Saudi Arabia for overseas workers is critical. During the oil boom migrant workers went from 5.3M in 2000 to 10.2M in 2015 according to UN figures. More than 1M have lost their jobs in 2016 and remittances are dropping more than 20% every month compared to last year’s figures. Shivaji Sarkar wrote in The Pioneer: “The hiking petroleum price by producing nations itself had caused upheaval and as different energy sources are now being developed, it is leading to an Arabian night.” An Arabian night for the construction companies that are laying off thousands of workers and the OWs that they employ…Details
As we informed all our special Friday Newsletter to subscribers in the UK, the Commonwealth Secretariat invited the International Money Transfer & Payments Industry to the “Disconnecting from Global Finance: A Conversation on De-Risking” meeting that was programmed this past Thursday, August 10th at Marlborough House in London. The meeting was called following the release of the Commonwealth’s report “Disconnecting from Global Finance: The Impact of AML/CFT Regulations in Commonwealth Developing Countries”. Passions ran high at the meeting as money transfer businesses and smaller financial institutions complained about the “detrimental” decline in international banking for many businesses and individuals.Details
In his latest Remittances & Development Brief dated April 2016, Mr. Ratha and his team and the World Bank Migration and Remittances Team commented that remittances to the South Asia Region (SAR) are estimated to have grown moderately in 2015 by around 2%. The continued economic uncertainty of high-income remittance-source countries and the impact that oil prices have had on remittance flows from GCC countries have certainly impacted a more favorable outlook for 2016 and beyond. Maybe the improving economic prospects in the United States and the increase in oil prices, plus the continued spending on developments projects in the GCC countries and the brighter outlook for the economic improvement of their countries- which makes migrants invest in their home countries, can make the reported remittance volumes grow.Details
The trust of the international financial sector, mainly all major remittance companies that have been coming to our conferences, was based on the belief that we could put this together, even if many hours were spent on the phone answering doubts and fears. They knew that we could bring together everyone in a spirit of collaboration, colleagues that even competing among themselves, can share a space and a time to build as an industry, a common future. I thank each and every one that came, a list that you can check here, and I value all the comments and warm words that we have been receiving for this historic event.Details
To show how critical MSBs are to the functioning of the U.S. financial system, a 2013 Federal Deposit Insurance Corp. survey found 9.6 million U.S. households did not have bank accounts and 24.8 million households — 20 percent of the U.S. population — were underbanked, meaning they had bank accounts but also used alternative financial services outside of the banking system
Today, MSBs worldwide are caught in a banking crisis showing no signs of relenting. Based on real and imagined enforcement risks, most banks have categorically decided against providing accounts to MSBs, while others have been ordered by regulators to stop serving MSBs. This process of “de-risking,” by which banks terminate relationships with “high-risk” customers, has been brutal for the MSB industry and resulted in unforeseen consequences, including:Details
On the occasion of the International Day of Family Remittances, June 16, 2016, KNOMAD, the WORLD BANK and IMTC invited the general public to a one-hour virtual session entitled: Migration & Remittances: Global Trends, Outlook and State of Play. Speakers were Dilip Ratha, Head, KNOMAD and Lead Economist, Migration and Remittances, World Bank and Hugo Cuevas-Mohr, Director, IMTC Conferences and Mohr World Consulting. Here are the Voice Recordings and the available transcripts.
We also want to THANK all the institutions that signed the pledge and we hope to make the IDFR 2017 a great success!
Part 1: Dilip Ratha | Part 2: Hugo Cuevas-Mohr | Part 3: 5 Questions with Answers