HELPING REMITTANCE FAMILIES IN NEED

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…

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Commonwealth’s De-Risking Meeting in London

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.

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Remittances to the South Asia Region (SAR)

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.

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IMTC CUBA 2016: a breakthrough

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.

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The Money Services Banking Crisis

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:

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Migration & Remittances: Global Trends

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

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DÍA INTERNACIONAL DE LAS REMESAS FAMILIARES

sabes que el 16 de junio ha sido declarado el DÍA INTERNACIONAL DE LAS REMESAS FAMILIARES por 176 gobiernos en el mundo?

La primera celebración se llevó a cabo el año pasado en el GLOBAL FORUM ON REMITTANCES AND DEVELOPMENT, del 16 al 19 de junio en Milán, Italia como parte de la World Expo sobre alimentación. El Fondo Internacional para el Desarrollo Agrícola (IFAD), una agencia especializada de las Naciones Unidas, ha sido el promotor de este día internacional desde su inicio.

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INTERNATIONAL DAY OF FAMILY REMITTANCES-IDFR

Do you know that the 16th of June has been declared the INTERNATIONAL DAY OF FAMILY REMITTANCES by 176 governments in the world?

The first celebration took place last year at the GLOBAL FORUM ON REMITTANCES AND DEVELOPMENT, June 16-19 , 2015 in Milan, Italy as part of the World Expo. IMTC was part of the celebration where the international community recognized the work of the private sector in facilitating the sending of remittances, in developing cost-effective and accessible financial transfer services, and encouraged the industry to link these flows to a range of financial services and products for migrants and their families.

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The US CSBS & the MTRA Report on the State of MSBs Regulation & Supervision

The Conference of State Bank Supervisors (CSBS) and the Money Transmitter Regulators Association (MTRA) released an important report on the state of the industry that is a must read for anyone in the industry and a report that all US Money Transmitters should be sending to their banks. The report is entitled “The state of state money services businesses regulation & supervision” and it examines the non-bank financial sector in the US and the bank discontinuance and de-risking challenges the industry faces. But the main objective is to let the banks know of the strict regulations and close supervision the state regulators have on all licensed MSBs.

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