Regulate remittance services – World Bank

NEW YORK – A potentially groundbreaking new report from the World Bank has outlined proposals to increase transparency and perhaps ultimately, to regulate the international remittances services market.

Published in conjunction with the Committee on Payment and Settlement Services (CPSS), General Principles for International Remittance Services looks at the money transfer market and suggests possible ways to increase security and lower the cost of using such services for both poorly-paid migrant workers and their families in developing countries.

According to the report, the international remittance market was worth $230 billion in 2005 and involved some 175 million migrants. However, due to

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