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By threatening to close their Wells Fargo and U.S. Bancorp accounts this week, a group representing Somali Americans has pushed the ongoing hawala remittance issue to a head.
FORBES: The Somali American Remittance Dilemma
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But a bigger threat to the Philippines (and other remittance-dependent countries) comes from a Saudi effort to tackle unemployment by boosting the employment of locals.
ECONOMIST: It may soon fall down
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"Although migrant workers are to a large extent adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many poor remittances recipient countries, " agrees Hans Timmer, director of the bank's Development Prospects Group.
BBC: Why India remains top of remittances league
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Mr Ratha said the global financial crisis actually resulted in a small and brief decline in remittance flows to India in 2009.
BBC: Why India remains top of remittances league
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Remittance there is done through a loose network of MSBs known as hawalas.
FORBES: The Somali American Remittance Dilemma
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Parents can call the nearest city, for example, to find out what has happened to the remittance from their son working on a construction site in the Gulf.
ECONOMIST: The digital revolution is helping the poor, too
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Mail a paper check or money order to the Verizon Wireless remittance address on your bill.
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With its new remittance rules, the CFPB brings transparency to a notoriously abusive market, and gives consumers remedies if the provider fails to deliver the funds as promised.
FORBES: The CFPB: Main Street's Best Friend in Government
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As a result of regulatory and enforcement fervor, banks are making little distinction between regulated remittance and illegal hawala.
FORBES: Magazine Article