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Remittances decline as fraud reduction measures increase
2013-08-24 08:55:22 | (0 Comments)
The Jamaica Money Remitters’ Association says security measures by its member organisations to reduce fraud and decreased access to banking services overseas are among the factors for the decline in remittances to Jamaica since the start of the year.
The records show that remittances dipped by 1.8 per cent for the January to April period.
The decrease came despite improved economic conditions in key sender countries, when compared to the similar period for 2012.
President of Jamaica Money Remitters’ Association, Leesa Kow says most of its members have established measures to tighten controls, given that inflows from lottery scams allegedly amount for some three per cent of remittances to the country.
She says these controls have helped to effectively reduce the inflow of illicit funds and diminish illicit activities using money transfer corridors.
Kow says with tighter controls on remittances, several money services businesses are facing challenges, such as access to banking services, particularly in the US and the United Kingdom.
She says in those countries banks have been closing the accounts of several money services businesses because of the high risk involved in maintaining such accounts.
The decision follows US regulations for banks to tighten controls to prevent money laundering and the unwitting financing of terrorists.
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Source: The Gleaner/Power 106 News
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