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Report: Tackling the $1bn illicit money transfer business to Ghana

Report: Tackling the $1bn illicit money transfer business to Ghana

Written by Danquah Institute Wednesday, 10 August 2011 15:39

The World Bank estimates that for 2010 alone, the total formal remittances worldwide by some 215 million international migrants amounted to $440 billion with $325 billion of this amount going to developing countries. A transfer of funds is any transfer that the payer (sender) makes through a Payment Service Provider (PSP) to make funds available for collection at another PSP if at any stage in the process the money is moved electronically, for example, by email or fax.

When a PSP (or Money Transfer Operator) transfers funds they rules stipulate that they must normally send information on the payer and payee (recipient/receiver) with the transfer. more>>>

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