By Jose De Luna-Martinez, Isaku Endo, Corrado Barberis
This examine presents an summary of remittance flows from Germany to Serbia. The record argues that there are many elements that discourage migrants from utilizing monetary associations to ship funds domestic, together with 1) restricted (but growing to be) belief of Serbs of their banking associations, 2) excessive charges for utilizing remittance items provided by means of monetary associations, three) low pageant within the remittance industry, and four) constrained (but starting to be) point of financial institution penetration in Serbia. This examine additionally argues that there's additionally a necessity to extend the provision of monetary items to be had to Serbs that ship or obtain remittances regularly. The record concludes with a collection of particular tips about wanted coverage alterations to facilitate the move of remittance flows from the casual channels to approved or registered monetary associations, thereby maximizing the developmental influence of remittances, lowering remittances charges, enhancing information assortment practices! , strengthening the law and supervision of the cash move undefined, and combating cash laundering.
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Extra info for The Germany-Serbia Remittance Corridor: Challenges of Establishing a Formal Money Transfer System (World Bank Working Papers)
Since several banks in Serbia are owned by banks established in EU countries, Serbia may request those banks to voluntarily apply the same cap on remittance fees to all remittance transfers originated in the EU to Serbia, thus bringing the fees to the same levels that prevail in the European Union. Moreover, since Serbia desires to become an EU member country in the future, there is no reason why banks can not extend this beneﬁt to Serbia on a voluntary basis now, provided it does not affect the level-playing ﬁeld of banks in Serbia.
From a ﬁnancing perspective, workers’ remittances constitute a future receivable—as credit card vouchers, oil or gas exports, telephone receivables, and so forth—that can be collateralized by ﬁnancial institutions to raise additional capital. It is a way for banks in developing countries to borrow hard currencies by issuing bonds (collateralized by the future ﬂow of remittances). Moreover, the proceeds of securitization provide banks additional resources to ﬁnance productive projects. Serbian banks could consider this type of operations to increase the availability of funds to ﬁnance new projects.
FATF Special Recommendation IX: Cash Courier Countries should have measures in place to detect the physical cross-border transportation of currency and bearer negotiable instruments, including a declaration system or other disclosure obligation. Countries should ensure that their competent authorities have the legal authority to stop or restrain currency or bearer negotiable instruments that are suspected to be related to terrorist ﬁnancing or money laundering, or that are falsely declared or disclosed.