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UK REMITTANCES TASK FORCE

UK REMITTANCES TASK FORCE. UK MONEY TRANSMITTERS ASSOCIATION CONFERENCE Seymour Fortescue 27 April 2006. WORLDWIDE INTEREST IN MIGRANT REMITTANCES. 2004 G8 Sea Island Summit. Action to reduce costs of making remittances.

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UK REMITTANCES TASK FORCE

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  1. UK REMITTANCES TASK FORCE UK MONEY TRANSMITTERS ASSOCIATION CONFERENCE Seymour Fortescue 27 April 2006

  2. WORLDWIDE INTEREST IN MIGRANT REMITTANCES • 2004 G8 Sea Island Summit. Action to reduce costs of making remittances. • 2005/06 World Bank / BIS Task Force to establish ‘general principles’. • 2006. World Bank estimate $230 billion involving 175 million migrants. Greater than aid flows. • Much academic research • Greater awareness by financial institutions

  3. UK INTEREST IN REMITTANCES • Recognition that remittances are hugely important for people and economies in developing world. • 2004. Department for International Development (DFID) established Working Group • www.sendmoneyhome.com • 2006. UK Remittances Task Force set up by DFID.

  4. DFID UK REMITTANCES WORKING GROUP Primary objective: ‘To increase the value and frequency of remittances to the developing world and encourage these flows to reach wider groups of senders and receivers’ • Compile data • Look at good practice and innovations • Recommend standards • Explore ID issues

  5. UK REMITTANCES TASK FORCE Private sector driven, but with public sector funding. Membership: • MTOs (4) • Commercial banks (3) • Ethnic banks (2) • MTA / BBA / EMA / JMLSG / VOCA / SWIFT / Visa • Consumer representative 12 month programme of work starting in February 2006

  6. UK REMITTANCES TASK FORCE OBJECTIVES: • Greater transparency • More competitive market • Better informed consumers • Greater use of formal channels • Reduced financial exclusion • Better information for government and providers • More streamlined regulation

  7. UK REMITTANCES TASK FORCEPlanned activities 1. RESEARCH • Literature review of information on UK market: • Quantitative • Qualitative • Trends • Gaps in information • Info on non-regulated channels • Benefits of greater use of regulated channels • EU impact

  8. UK REMITTANCES TASK FORCEPlanned activities 2. REGULATION Bring together: • Latest JMLSG guidance • EU Payments Regulation, Payments Directive and Third Money Laundering Directive • HMRC, HMT, FSA Develop private sector consensus on what is required for a level playing field.

  9. UK REMITTANCES TASK FORCEPlanned activities 3. INFORMATION ON COSTS FOR CONSUMERS • Info on total costs – commission at both ends and exchange rate margin • Best practice elsewhere • EU Consumer Credit Directive • How to inform consumers

  10. UK REMITTANCES TASK FORCEPlanned activities • SUPPORT FOR SMALLER MTOs • Role of MTA • CUSTOMER AWARENESS AND UNDERSTANDING • www.sendmoneyhome.com • CODE OF CONDUCT QUALITY MARK • Need • Coverage • Operations

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