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Remittances to fragile countries : Treasury should assess risks from shifts to non-banking channels : report to congressional requesters.
- Format:
- Book
- Government document
- Author/Creator:
- United States. Government Accountability Office, author, issuing body.
- Language:
- English
- Subjects (All):
- United States. Department of the Treasury--Rules and practice--Evaluation.
- United States.
- United States. Department of the Treasury.
- Emigrant remittances--Government policy--United States.
- Emigrant remittances.
- Banks and banking, Foreign--Government policy--United States.
- Banks and banking, Foreign.
- Electronic funds transfers--Government policy--United States.
- Electronic funds transfers.
- Money laundering--United States--Prevention.
- Money laundering.
- Commercial crimes--United States--Prevention.
- Commercial crimes.
- Electronic funds transfers--Government policy.
- Banks and banking, Foreign--Government policy.
- Banks and banking.
- Commercial crimes--Prevention.
- Money laundering--Prevention.
- Genre:
- Online resources.
- Physical Description:
- 1 online resource (iv, 58 pages) : color illustrations
- Other Title:
- Treasury should assess risks from shifts to non-banking channels
- Place of Publication:
- [Washington, D.C.] : United States Government Accountability Office, 2018.
- 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 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.
- 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.
- Notes:
- "March 2018."
- "GAO-13-313."
- Includes bibliographical references.
- Online resource; title from PDF cover page (GAO, viewed March 18, 2018).
- OCLC:
- 1028973186
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