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...
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World Bank
2012
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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 |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English |
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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 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 |
spellingShingle |
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 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 Vaccani, Matteo Alternative Remittance Systems and Terrorism Financing : Issues in Risk Management |
relation |
World Bank Working Paper ; No. 180 |
description |
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. |
format |
Publications & Research :: Publication |
author |
Vaccani, Matteo |
author_facet |
Vaccani, Matteo |
author_sort |
Vaccani, Matteo |
title |
Alternative Remittance Systems and
Terrorism Financing : Issues in Risk Management |
title_short |
Alternative Remittance Systems and
Terrorism Financing : Issues in Risk Management |
title_full |
Alternative Remittance Systems and
Terrorism Financing : Issues in Risk Management |
title_fullStr |
Alternative Remittance Systems and
Terrorism Financing : Issues in Risk Management |
title_full_unstemmed |
Alternative Remittance Systems and
Terrorism Financing : Issues in Risk Management |
title_sort |
alternative remittance systems and
terrorism financing : issues in risk management |
publisher |
World Bank |
publishDate |
2012 |
url |
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 |
_version_ |
1764396757934931968 |
spelling |
okr-10986-59162021-04-23T14:02:24Z Alternative Remittance Systems and Terrorism Financing : Issues in Risk Management Vaccani, Matteo 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 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. 2012-03-19T09:32:36Z 2012-04-04T07:43:51Z 2012-03-19T09:32:36Z 2012-04-04T07:43:51Z 2010 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 978-0-8213-8178-6 http://hdl.handle.net/10986/2399 http://hdl.handle.net/10986/5916 English World Bank Working Paper ; No. 180 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication |