The Canada-Caribbean Remittance Corridor : Fostering Formal Remittances to Haiti and Jamaica through Effective Regulation

The World Bank has been at the global forefront in research on remittances. Studying over twelve bilateral remittance corridors thus far, the financial market integrity unit has focused its research on remittance market integrity issues and the specific incentives influencing the choices of channels to send money home. Initially conducted at the request of Department of Finance, Canada, this corridor, Canada-Caribbean, has clearly distinguished itself from other bilateral remittance corridors studied in the past. At the originating end of this corridor, these distinguishing features include a country that, throughout its history, has made immigration one of its primary social and economic building blocks. This corridor focuses on Jamaica and Haiti, two of the Caribbean's primary labor exporters and also the countries with the two largest Caribbean communities in Canada. Given the importance of remittances in the region, there is a need for effective, yet proportionate regulation. Risk must be effectively mitigated along potentially vulnerable routes, while innovation, competition and transparency in the remittance markets must be encouraged. Regulatory frameworks that reflect local conditions and are proportionate to the risks involved will facilitate the provision of services of the highest quality to migrants and their families. It is hoped that research provided from this study will generate policy dialogues among all relevant stakeholders, and assist national authorities in their efforts to effectively regulate and supervise the remittance markets. National authorities should continue to encourage the use of formal transfers and develop more reliable and competitive remittance channels. These channels must efficiently meet the varied needs of Caribbean migrant workers and their families in the safest and most secure environment possible.

Bibliographic Details

Main Authors:	Todoroki, Emiko, Vaccani, Matteo, Noor, Wameek
Format:	Publication biblioteca
Language:	English
Published:	World Bank 2012-03-19T10:03:17Z
Subjects:	ADULT POPULATION, ALLEVIATION OF POVERTY, ALTERNATIVE REMITTANCE SYSTEM, ANTI-MONEY LAUNDERING, ASSISTANCE ORGANIZATION, BALANCE OF PAYMENT, BALANCE OF PAYMENTS, BANK TRANSFER, BANKING INDUSTRY, BANKS, BASIC INFRASTRUCTURE, BRAIN DRAIN, CAPITA INCOME, CAPITA REMITTANCES, CASH TRANSFERS, CHOICES OF CHANNELS, CHRONIC UNEMPLOYMENT, CITIZENSHIP, COMMERCIAL BANK, COMPENSATION OF EMPLOYEES, COOPERATIVE CREDIT, COUNTRIES OF ORIGIN, COUNTRY OF ORIGIN, CREDIT UNION, CREDIT UNIONS, DEPOSIT, DEVELOPING COUNTRIES, DEVELOPMENTAL IMPACT, DIASPORA, DIASPORA COMMUNITIES, DISSEMINATION, DRUG TRAFFICKING, ECONOMIC COOPERATION, ECONOMIC GROWTH, ECONOMIC INDICATORS, ECONOMIC TRENDS, EDUCATED MIGRANTS, ELECTRONIC FUNDS, EMIGRATION, ETHNIC GROUPS, EXCHANGE RATE, EXCHANGE RATES, EXPATRIATES, EXPENDITURE, FAMILIES, FINANCES, FINANCIAL FLOWS, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL REGULATION, FINANCIAL SERVICES, FOREIGN DIRECT INVESTMENT, FOREIGN DIRECT INVESTMENTS, FOREIGN EXCHANGE, FOREIGN WORKERS, FORMAL REMITTANCES, FORMAL TRANSFER SYSTEMS, GENDER, GLOBAL POPULATION, GLOBAL REMITTANCE, GLOBAL REMITTANCES, GROSS DOMESTIC PRODUCT, GROSS NATIONAL INCOME, GROWTH OF REMITTANCES, HIGH-FREQUENCY TRANSACTIONS, HOME COUNTRIES, HOST COUNTRIES, HOST COUNTRY, HOUSEHOLD LEVEL, HOUSEHOLDS, HUMAN CAPITAL, HUMAN DEVELOPMENT, ID, ILLEGAL IMMIGRANTS, IMMIGRANT, IMMIGRATION, IMMIGRATION POLICY, IMMIGRATION RESTRICTIONS, IMPACT OF REMITTANCES, IMPORTANCE OF REMITTANCES, INCOME INEQUALITY, INCOMES, INFORMAL CHANNELS, INFORMAL FLOWS, INFORMAL REMITTANCE, INFORMAL TRANSFERS, INFORMATION TECHNOLOGY, INTERNATIONAL BANK, INTERNATIONAL MIGRATION, INTERNATIONAL REMITTANCE, KINSHIP, LABOR MARKET, LEGAL STATUS, LIVING CONDITIONS, LOCAL ECONOMY, MERCHANT, MFI, MICROFINANCE, MICROFINANCE INSTITUTION, MIGRANT, MIGRANT DIASPORA, MIGRANT FLOWS, MIGRANT OUTFLOWS, MIGRANT REMITTANCES, MIGRANT WORKERS, MIGRATION, MIGRATION DATA, MIGRATION FLOWS, MIGRATION PATTERNS, MONEY LAUNDERING, MONEY ORDERS, MONEY TRANSFER, MONEY TRANSFER COMPANY, MONEY TRANSFER OPERATOR, MONEY TRANSFER OPERATORS, MONEY TRANSFERS, MULTINATIONAL, NATIONAL AUTHORITIES, NATIONALS, NATURAL DISASTERS, NURSE, OFFICIAL DEVELOPMENT ASSISTANCE, PAYMENT OF EMPLOYEES, PAYMENT SERVICE, PERMANENT RESIDENT, PERMANENT RESIDENTS, POLICY DECISIONS, POLITICAL INSTABILITY, POPULATION GROWTH, POPULATION PROJECTIONS, POPULATION SIZE, POVERTY ALLEVIATION, POVERTY REDUCTION, PROGRESS, PROVISION OF SERVICES, PULL FACTOR, PULL FACTORS, PURCHASING POWER, PURCHASING POWER PARITY, PUSH FACTOR, PUSH FACTORS, RECENT IMMIGRANTS, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, REGULATORY REGIME, REMITTANCE, REMITTANCE BUSINESS, REMITTANCE CHANNELS, REMITTANCE COMPANIES, REMITTANCE CORRIDOR, REMITTANCE CORRIDORS, REMITTANCE DATA, REMITTANCE FLOW, REMITTANCE FLOWS, REMITTANCE INFLOWS, REMITTANCE MARKET, REMITTANCE OUTFLOWS, REMITTANCE RECEIVING, REMITTANCE RECEIVING COUNTRIES, REMITTANCE RECIPIENTS, REMITTANCE SENDER, REMITTANCE SENDERS, REMITTANCE SENDING, REMITTANCE SERVICE, REMITTANCE SERVICE PROVIDERS, REMITTANCE SERVICES, REMITTANCE SYSTEMS, REMITTANCE TRANSACTION, REMITTANCE TRANSACTIONS, REMITTANCE TRANSFER, REMITTANCE TRANSFERS, REMITTANCES, REMITTERS, RETURNEES, ROLE OF REMITTANCES, SECURITY SITUATION, SEND MONEY, SEND MONEY HOME, SERVICE PROVIDER, SERVICE PROVIDERS, SKILLED MIGRANTS, SKILLED MIGRATION, SKILLED WORKERS, SOCIAL AFFAIRS, SOCIAL FACTORS, SPECIFIC INCENTIVES, TEMPORARY WORKERS, TERRORIST, TRADE IMBALANCES, TRANSFER CHANNELS, TRANSFER COSTS, TRANSFER FEE, TRANSFER FEES, TRANSFER PRODUCTS, TRANSFER SERVICES, TRANSFER SYSTEMS, UNDOCUMENTED MIGRANTS, UNEMPLOYMENT, UNEMPLOYMENT RATES, UNION, UNIONS, URBAN AREAS, VALUE CARD, VULNERABILITY, WAR, WIRE TRANSFER, WIRE TRANSFERS, WORKING POPULATION, WORLD POPULATION,
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=000333037_20090511002835 http://hdl.handle.net/10986/2623 http://hdl.handle.net/10986/5947
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