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.
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.