Enhanced regulation of alternative remittance dealers

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29 April 2010Remittance dealers facilitate the transfer of funds within and between countries, often outside the formal financial and banking system.This discussion paper looks at options for future regulation.

People use remittance services because they see them as cheaper, faster and more reliable than other options and because they often provide the only option for sending money to many locations around the world. 
 
However, the remittance sector is recognised by the international anti-money laundering and counter-terrorism financing community, and domestically by law enforcement and national security authorities, as being vulnerable to money laundering and terrorism financing. Australian law enforcement authorities are aware that some international cash transfer services provided by remittance dealers are used by individuals in Australia to pay the organisers of people smuggling ventures.

Publication typeReport
Publisher TypeGovernment or Gov agency
CoverageAustralia
Permanent URLhttp://apo.org.au/node/21115
Views2164

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