Alternative Remittance Systems and Terrorism Financing : Issues in Risk Management

Terrorism can endanger innocent human life and tear the very threads that hold society together, namely, trust and security. Governments have mobilized a variety of tools in response, ranging from the political to the economic. In attempting to pre...

Full description

Bibliographic Details
Main Author:	Vaccani, Matteo
Format:	Publication
Language:	English
Published:	World Bank 2012
Subjects:	ACCESS BARRIERS ACCESS TO FINANCIAL SERVICES ACCESSIBILITY ACCOUNT BALANCE ACCOUNT HOLDER ACCOUNTING ACROSS BORDERS ADB ADVERTISEMENT ADVERTISEMENTS AFFORDABILITY AFFORDABLE COSTS ALTERNATIVE REMITTANCE SYSTEM ANNUAL REMITTANCES ANTI-MONEY LAUNDERING ARBITRAGE BACKBONE BALANCE OF PAYMENTS BANK ACCOUNT BANK TRANSACTIONS BANK TRANSFERS BANKS BEST PRACTICES BLACK MARKET BONDS BORDER TRANSACTIONS BORDER TRANSFERS BUSINESS ACTIVITIES BUSINESS RELATIONSHIP BUSINESS VOLUME BUSINESSES CAPITAL FLIGHT CASH DEPOSITS CASH FLOW CASH FLOWS CASH WITHDRAWALS CELL PHONE CENTRAL BANK CLAIMANT COMMODITIES COMMUNICATION SERVICES COMPETITIVE MARKET COMPETITIVE PRICES COPYRIGHT CORRUPTION CREDIBILITY CURRENCY EXCHANGE CUSTOM DEPOSIT DEPOSITS DIASPORA DIRECT DEPOSIT DISBURSEMENT DISBURSEMENTS DUE DILIGENCE E-MAIL ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC SUPPORT ETHNIC GROUPS EXCHANGE CONTROLS EXCHANGE RATE FINANCES FINANCIAL CHANNELS FINANCIAL CRISES FINANCIAL FLOWS FINANCIAL INFRASTRUCTURE FINANCIAL INFRASTRUCTURES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL MEANS FINANCIAL RESOURCES FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTION FINANCIAL TRANSACTIONS FIXED COSTS FOREIGN ASSETS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE CONTROLS FOREIGN EXCHANGE TRANSACTIONS FOREIGN MARKETS FORMAL FINANCIAL INFRASTRUCTURE FORMAL FINANCIAL INSTITUTIONS FORMAL FINANCIAL SECTOR FRAUD FUNDS TRANSFER SYSTEMS GPS IMAGE INCOME INFORMAL CHANNELS INFORMAL REMITTANCE INFORMAL REMITTANCE SYSTEMS INFORMATION SHARING INNOVATION INSPECTION INSPECTIONS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICES INTERNATIONAL ECONOMICS INTERNATIONAL POLICIES INTERNATIONAL REMITTANCE INTERNATIONAL STANDARDS LARGE TRANSACTIONS LAW ENFORCEMENT LEGAL FRAMEWORK LICENSE LICENSES LOCAL BANK LOCAL BUSINESS LOCAL ECONOMY LOCAL GOVERNMENTS LOCAL MARKET LONG-TERM COSTS LYON MARKET FAILURES MARKET PLAYERS MARKETING MATERIAL MIGRANTS MIGRATION MOBILE PHONE MONEY LAUNDERING MONEY TRANSFER MONEY TRANSFER OPERATORS MONEY TRANSFER SERVICES MONTHLY REMITTANCE MULTINATIONAL NATURAL RESOURCES NET LOSSES NETWORKS NEW TECHNOLOGIES NONPROFIT ORGANIZATIONS OUTREACH PAPER REQUIREMENTS PAYMENT SYSTEMS PEER PRESSURE POOL OF FUND POOL OF FUNDS PROOF OF IDENTITY QUERIES RADIO RECIPIENT COUNTRIES REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY OVERSIGHT REGULATORY PRACTICE REGULATORY REQUIREMENTS RELIABILITY REMITTANCE REMITTANCE CHANNELS REMITTANCE COMPANIES REMITTANCE CORRIDOR REMITTANCE CORRIDORS REMITTANCE FLOWS REMITTANCE INFLOWS REMITTANCE PROVIDERS REMITTANCE RECIPIENTS REMITTANCE SECTOR REMITTANCE SENDING REMITTANCE SENDING COUNTRIES REMITTANCE SERVICE REMITTANCE SERVICE PROVIDERS REMITTANCE SERVICES REMITTANCE SYSTEMS REMITTANCE TRANSFER REMITTANCE TRANSFERS REMITTANCES REMITTERS RESULT RESULTS RISK ASSESSMENTS RISK MANAGEMENT RISK MITIGATION RISK PROFILE SEARCH SELF-REGULATION SERVICE PROVIDER SERVICE PROVIDERS SETTLEMENT SETTLEMENT SYSTEMS SOCIAL EXCLUSION SUBSIDIARY SUPERVISION TARGETS TECHNICAL ASSISTANCE TECHNICAL RESOURCE TELEPHONE TERRORISM TRANSACTION TRANSACTION COSTS TRANSACTION VOLUME TRANSFER MECHANISMS TRANSFER MONEY TRANSFER OF GOODS TRANSFER SERVICES TRANSFER SYSTEM TRANSMISSION TRANSPARENCY TREASURY UNION USER USERS USES WIRE TRANSFERS WITHDRAWAL
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100105002008 http://hdl.handle.net/10986/2399 http://hdl.handle.net/10986/5916

Description
Summary:	Terrorism can endanger innocent human life and tear the very threads that hold society together, namely, trust and security. Governments have mobilized a variety of tools in response, ranging from the political to the economic. In attempting to prevent and detect terrorist financing and other forms of material support, those offering financial services have been required to heighten their vigilance of potential terrorist abuse of those services. While protecting financial services from potential abuse, care should be taken not to deny access to those services to those most in need. Dejection and social exclusion are very often conducive to terrorism; therefore, ensuring inclusion of the disenfranchised and creating possibilities for their advancement are key parts of the broader, long-term struggle against terrorism and extremism. The paper begins with a brief description of alternative remittance system (ARS) models and their prevalence. It then covers their potential relationship with terrorist financing, citing cases where ARS have been abused for terrorism financing (TF) purposes. Ways in which countries may control these risks and indications of their effectiveness are covered next. The final chapter provides recommendations on how best to mitigate the risks while ensuring legitimate access to financial services via ARS.

Alternative Remittance Systems and Terrorism Financing : Issues in Risk Management

Similar Items