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Remittances to fragile countries : Treasury should assess risks from shifts to non-banking channels : report to congressional requesters.

Author: Thomas Melito; United States. Government Accountability Office,
Publisher: [Washington, D.C.] : United States Government Accountability Office, 2018.
Edition/Format:   eBook : Document : National government publication : English
Summary:
People who send money from the United States to their families--especially to those in poor countries--see these "remittances" as a lifeline. However, remittances and other global payments can be used to hide money laundering and other financial crimes. Money transfer companies have used banks to transfer money worldwide. But some banks want to limit their exposure to the risk of financial crimes, and refuse or  Read more...
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Genre/Form: Online resources
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Thomas Melito; United States. Government Accountability Office,
OCLC Number: 1028973186
Notes: "March 2018."
"GAO-13-313."
Description: 1 online resource (iv, 58 pages) : color illustrations
Contents: Background. --
Stakeholders identified money transmitters' loss of banking access as a key challenge, although remittances to fragile countries continue to flow. --
U.S. agencies have taken certain steps that may mitigate banking challenges related to remitting funds to fragile countries but disagreed with other proposed actions. --
Existing U.S. agency information on remittances does not allow Treasure to assess the effects of money transmitters' loss of banking access on remittance flows to fragile countries. --
Conclusions. --
Recommendation for executive action. --
Agency comments. --
Appendices.
Other Titles: Treasury should assess risks from shifts to non-banking channels

Abstract:

People who send money from the United States to their families--especially to those in poor countries--see these "remittances" as a lifeline. However, remittances and other global payments can be used to hide money laundering and other financial crimes. Money transfer companies have used banks to transfer money worldwide. But some banks want to limit their exposure to the risk of financial crimes, and refuse or restrict transfer companies' accounts. Now, some transfer companies are bypassing the bank by taking cash over borders. We recommended that Treasury assess the risks of these transfers, which are harder to monitor for criminal activity.

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