Indonesia is working on a new business model for remittance transfers that will focus on cash to account or account to account approaches. This will seek to boost financial services access for women and vulnerable persons.
A pilot on remittances based on non-cash platforms is expected to be followed by banks, telecommunication companies and post offices. This pilot will aim to harmonize relevant regulations with AML/CFT standards.
Under the National Financial Inclusion Strategy, many public-sector banks offer accounts that charge no fees for remittances.
To streamline the remittance arrangement under the Speed Remittance Procedure and make remittances more cost-effective, the Government of India has removed the mandated requirement of maintenance of collateral or cash deposits by the Exchange Houses with whom the banks have entered into the Rupee Drawing Arrangement.
The Government of Honduras has created the programme Honduras 2020 Scholarship Programme linking young temporary migrants to the country's growth in order to promote temporary migration as a contribution to the sustainable development.
Consular representations of Honduras carry out various outreach activities with migrants and diaspora communities to promote Honduras' cultural tradition abroad.
The German price comparison portal ‘www.GeldtransFAIR.de’, which obtained World Bank certification in 2014, is currently being redesigned to make it more user-friendly. The new website (including a mobile version) is to be launched in 2018.
In its 2015-2017 National Remittance Plan, the Government of Canada focused on increasing transparency and consumer protection for Canadian remitters; to this end, Canada has undertaken a national survey to better understand remittances providers’ needs and has been discussing with financial institutions how to improve remittance market competitiveness.
The Banco Central do Brasil (BCB) constantly monitors the foreign exchange market and undertaking studies with the objective of fine-tuning regulation to simplify FX procedures, increase competitiveness and lower costs.
The Central Bank of Argentina started a process in 2015 to ease foreign exchange (FX) market regulations, thereby exerting a direct and far-reaching effect on the operation of international transfers and leading to a more flexible and competitive context to send and receive remittances to and from abroad. The new regulation allows Money Transfer Operators (MTOs) access to the FX market for transfers abroad without limits on the amount transferred.
Australia’s National Remittance Plan (NRP) aims to enable women and men to send money in a safe and cost effective way from Australia to, and within, key countries in the Indo-Pacific region.
A review of Australia’s AML/CTF regime was finalised in 2016, containing 84 recommendations to streamline, simplify and strengthen the regime, including recommendations that will impact the remittance sector. The Australian Government will consult with industry on the proposals to ensure the regime provides clarity and certainty for reporting entities.
Sharaka was a joint project between the government of Morocco and the EU and implemented by IOM and several other civil society organisations.
International migration has been an integral part of the historical and contemporary experience of most Jamaicans and is a feature of the country’s demographic landscape. The Government of Jamaica (GoJ) has recognized that with a population of approximately 2.7 million at home and a relatively large diaspora in destination countries, international migration has the potential to contribute to economic growth while reducing poverty and improving the well-being of individuals in countries of origin, transit and destination.