The Canada-Caribbean RemittanceCorridor : Fostering Formal Remittances to Haiti and Jamaicathrough Effective Regulation

Todoroki, Emiko ; Vaccani, Matteo ; Noor, Wameek

World Bank

关键词: ADULT POPULATION;    ALLEVIATION OF POVERTY;    ALTERNATIVE REMITTANCE SYSTEM;    ANTI-MONEY LAUNDERING;    ASSISTANCE ORGANIZATION;   

DOI  :  10.1596/978-0-8213-7919-6
RP-ID  :  48459

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The World Bank has been at the globalforefront in research on remittances. Studying over twelvebilateral remittance corridors thus far, the financialmarket integrity unit has focused its research on remittancemarket integrity issues and the specific incentivesinfluencing the choices of channels to send money home.Initially conducted at the request of Department of Finance,Canada, this corridor, Canada-Caribbean, has clearlydistinguished itself from other bilateral remittancecorridors studied in the past. At the originating end ofthis corridor, these distinguishing features include acountry that, throughout its history, has made immigrationone of its primary social and economic building blocks. Thiscorridor focuses on Jamaica and Haiti, two of theCaribbean's primary labor exporters and also thecountries with the two largest Caribbean communities inCanada. Given the importance of remittances in the region,there is a need for effective, yet proportionate regulation.Risk must be effectively mitigated along potentiallyvulnerable routes, while innovation, competition andtransparency in the remittance markets must be encouraged.Regulatory frameworks that reflect local conditions and areproportionate to the risks involved will facilitate theprovision of services of the highest quality to migrants andtheir families. It is hoped that research provided from thisstudy will generate policy dialogues among all relevantstakeholders, and assist national authorities in theirefforts to effectively regulate and supervise the remittancemarkets. National authorities should continue to encouragethe use of formal transfers and develop more reliable andcompetitive remittance channels. These channels mustefficiently meet the varied needs of Caribbean migrantworkers and their families in the safest and most secureenvironment possible.