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Enhancing the Efficiency and Integrity Of The World Bank, the Government of Canada, in association with the University of the West Indies, Mona, presents: Public Disclosure Authorized Caribbean Remittance Forum on Enhancing the Efficiency and Integrity of Remittance Transfers through Effective Regulatory and Supervisory Systems in the Caribbean Public Disclosure Authorized Public Disclosure Authorized March 24-25, 2011 Mona Lodge, The University of the West Indies Kingston, Jamaica Public Disclosure Authorized The World Bank, the Government of Canada, in association with the University of the West Indies, Mona, presents: Caribbean Remittance Forum on “Enhancing the Efficiency and Integrity of Remittance Transfers through Effective Regulatory and Supervisory Systems in the Caribbean” March 24-25, 2011 Mona Lodge, The University of the West Indies Kingston, Jamaica Objective Value Added This regional forum aims at sharing The past discussions on remittances and knowledge and generating policy dialogue migration in the Caribbean focused largely among relevant remittance stakeholders to on issues related to the Caribbean enhance the efficiency and integrity of the Diaspora, such as the brain-drain migration and remittance transfer process, syndrome, the macroeconomic impact of through effective regulatory and supervisory remittances, the use of remittances for systems in the Caribbean region. It allows investment purposes, overall remittance multiple countries to share their patterns and trends, and remittance data experiences, identify common challenges, collection and monitoring issues. learn from each others’ experiences and discuss potential solutions to these In recent years, however, the regulatory challenges. The forum will also provide framework for RSPs has been introduced or opportunities for networking. substantially enhanced in many countries, triggered by the need to address money laundering and terrorist financing concerns. Audience This forum focuses the discussion on regulatory practices within and outside the Target audience of this forum is: a) national Caribbean region with a view to share best authorities including regulators and practices and lessons learned. supervisors of Remittance Service Providers (RSPs) and staff of Financial The recent global economic slowdown has Intelligence Units (FIUs) in the Caribbean had a negative impact on remittance flows region, Canada and other interested and on the aggregate GDPs of many countries; and b) representatives of RSPs, Caribbean countries, prompting renewed remittance market analysts and regulatory interest on how best to maximize the experts from both within and outside the financial access implications of existing Caribbean region. remittance flows, while still mitigating integrity risks arising from money laundering/terrorist financing. This forum will provide a venue to discuss potential discussing their implications for best practices relevant to a country’s regulation and supervision. regulatory and supervisory framework. Providing regulatory options to enable the development of a sound, Content proportionate, non discriminatory and predictable environment that The forum will focus on: encourages the use of new technologies, such as mobile phone Assessing regional remittance and technology, to facilitate and grow migration trends and current data Caribbean remittance markets. challenges, and discussing the potential future implications of the Determining the potential regulatory global economic crisis and current obstacles faced by migrant workers recovery on these patterns and and their families in accessing trends formal remittance service providers and proposing potential solutions Suggesting tools to reduce the cost customized to local conditions. of remittance services in view of achieving the 5x5 objective1 set by A recent study published by the World the G8 and the World Bank. Bank, “Canada-Caribbean Remittance Corridor; Fostering Formal Remittances to Discussing regulatory oversight and Haiti and Jamaica through Effective 2 supervision practices in Caribbean Regulation ,” presents some of the answers countries and beyond and the to the above issues and offers policy actions potential regulatory challenges faced that could enhance these countries’ by RSPs. knowledge of remittance flows and their size, strengthen their regulatory framework Understanding best practices on governing remittances, ensure effective methods to achieve a risk based implementation of regulatory requirements, regulatory and supervisory foster competition and transparency in their framework, including issues related markets, and promote sound migration from to CDD, threshold reporting, Caribbean and integration into Canada. The transparency in the remittance workshop hopes to draw lessons and best markets, and monitoring and practices also from other studies and work enforcement of the regulations. done in this area. Increasing awareness of the various remittance products currently being Outcome developed by the private sector and The workshop is envisaged to identify 1 The 5x5 Objective refers to the reduction of the specific initiatives that authorities and the global cost of remitting 200USD by 5 percentage private sector can implement to better points in 5 years. This is a global objective and does not mean that each country should reduce by 5 percentage points, but rather that measures 2 Available at should be taken to reduce the cost in the various http://siteresources.worldbank.org/FINANCIALS regions of the world according to present market ECTOR/Resources/FinalPublicationCanadaCari conditions. bbean.pdf 2 support various stakeholders, including migrant workers and their families, local and international RSPs, and national oversight agencies. This includes action plans and a “road map for remittances in the Caribbean.” Organizers This Forum is being organized by the World Bank (Financial Market Integrity Unit of the Finance and Private Sector Vice-Presidency and the Jamaica County Unit of the Latin America and Caribbean Vice Presidency) and the Government of Canada (Canadian International Development Agency) in association with the University of West Indies, Mona. Contact Information Should you have any questions about the Forum, please contact the following World Bank staff: Ms. Emiko Todoroki Senior Financial Sector Specialist +1-202-458-9466 [email protected] Mr. Wameek Noor Consultant +1-202-473-7323 [email protected] Ms. Thelma Ayamel Program Assistant +1-202-473-6753 [email protected] 3 The World Bank, the Government of Canada, in association with the University of the West Indies, Mona, presents: Caribbean Remittance Forum on “Enhancing the Efficiency and Integrity of Remittance Transfers through Effective Regulatory and Supervisory Systems in the Caribbean” March 24-25, 2011 Mona Lodge, The University of the West Indies Kingston, Jamaica Moderator and Speaker Biographies Mrs Seana BENJAMIN-MACK is Anguilla, Antigua and Barbuda, Dominica, presently a Deputy Director in the Montserrat, St Kitts and Nevis and Saint Lucia. Statistics Department of the Her expertise in this area prepared her for her Eastern Caribbean Central Bank work in country surveillance when she served as (ECCB). She has been employed country economist at ECCB for Saint Lucia and with the ECCB since September 1999 and has St Kitts and Nevis during the period 2003 to eleven years experience in national accounts 2006. These activities were complementary to and balance of payments (BOP) compilation for her statistical work. After the separation of the the ECCB member countries1. Research and Statistics services at the ECCB in December 2005, Mrs Benjamin-Mack was Mrs Benjamin-Mack holds a Bachelors of transferred from the Research Department to Science Degree in Economics and Accounting the newly created Statistics Department as (with Honours) from University of the West Head of the National Accounts and Balance of Indies, Cave Hill Campus, Barbados. She has Payments Unit, where she is currently assigned. participated and represented the ECCB at a number of regional and international workshops/consultations in statistics. Mr. Chris BOLD is a Microfinance Specialist. Chris joined CGAP in Mrs Benjamin-Mack joined the ECCB as an 2009 as a member of the Market Economic Statistician with responsibility for the Infrastructure Team working on compilation of GDP and BOP estimates for the Technology Program funded by the Bill and Melinda Gates Foundation. Chris joined CGAP on leave from the UK Department 1 The ECCB member countries are Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St for International Development where he has Kitts and Nevis, Saint Lucia and St Vincent and the worked for the past three years. Chris joined Grenadines DFID’s Financial Sector Team in London where he was responsible for DFID’s policy work on providing annual AML training to all WU Agents Branchless Banking, the use of new technology in the region. to expand access to finance and led DFID’s early work on the link between Government Prior to joining Western Union she worked as a payments and financial inclusion. Most recently Senior Compliance Supervisor at Vigo Chris has worked as the Private Sector Adviser Remittance Corp, a leading MSB in the USA, for Afghanistan based in Kabul where he where she worked mostly with all the domestic managed DFID’s portfolio of programmes Agents overseeing their Compliance programs focused on private sector development and providing annual AML training. Mrs. including their contribution to the microfinance
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