Informal Funds Transfer Systems

Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.Financial systems;banking, remittance, remittances, foreign exchange, banking sector, banking system, remitter, state bank, financial sector, migrant, alternative remittance, money transfer, remitters, remittance business, remittance systems, capital flows, international standards, paper, money transfers, remittance transaction, banking business, informal remittances, money laundering, remittance services, banking systems, remittance system, alternative remittance systems, prudential regulation, money remittance, banking channels, informal remittance, bankers, criminal nature, law enforcement, payment systems, money laundering activities, laundering process, funds transfers, precious metals, financial crimes, terrorist financing, remittance flows, criminal activity, international transfers, supervisory frameworks, financial sector development, financial institutions, financial reforms, tax evasion, migrant worker remittances, worker remittances, remittance trade, central banking, bankrupt, workers? remittances, bank branches, money remittances, financial transaction, informal remittance systems, migrant labor remittances, domestic remittance, banking instruments, bank guarantee, remittance sender, bank account, banking services, bank of england, bank accounts, remittance recipient, bank reserves, informal transfer systems, bank notes, beneficiaries of remittances, criminal proceeds, banking institution, international remittances, cost of remittances, bank financing, cash movements, foreign asset, reporting requirements, recipients of remittances, banking information, bank branch, regulatory approach, money transfer service, supervisory standards, financial policies, remittance service, remittance fee, capital movements, banking transactions, value of remittances, remittance service providers, bank drafts, personal remittances, remittance channels, bankers association, cash remittances, banking assets, bank deposit, financial system, money launderers, law enforcement agencies, due regard, inward remittances, money transfer services, financial markets, financial abuse, bank staff, bank for international settlements, remittance mechanisms, deposit insurance, remittance network, banking institutions, regulatory measures, anti?money laundering, banking statistics, transaction cost, financial remittance, alternative remittance system, bank intermediation, banking regulations, banking laws, money transfer mechanisms, banking secrecy, banker, banking networks, remittance activity, migration, banknote, regulatory frameworks, illegal activities, drug money, customer identification, secrecy laws, laundering money, terrorist acts, drug trafficking, financial intermediaries, criminal activities, international funds transfers, negotiable instruments, laundering activities, terrorist attacks

Analyzing Temporal Patterns of Temperature, Precipitation, and Drought Incidents: A Comprehensive Study of Environmental Trends in the Upper Draa Basin, Morocco

Quantifying variation in precipitation and drought in the context of a changing climate is important to assess climate-induced changes and propose feasible mitigation strategies, particularly in agrarian economies. This study investigates the main characteristics and historical drought trend for the period 1980–2016 using the Standard Precipitation Index (SPI), Standard Precipitation Evaporation Index (SPEI), Run Theory and Mann–Kendall Trend Test at seven stations across the Upper Draa Basin. The results indicate that rainfall has the largest magnitude over the M’semrir and Agouim (>218 mm/pa) and the lowest in the Agouilal, Mansour Eddahbi Dam, and Assaka subregions (104 mm–134 mm/pa). The annual rainfall exhibited high variability with a coefficient of variation between 35−57% and was positively related to altitude with a correlation coefficient of 0.86. However, no significant annual rainfall trend was detected for all stations. The drought analysis results showed severe drought in 1981–1984, 2000–2001, and 2013–2014, with 2001 being the driest year during the study period and over 75% of both SPEI and SPI values returned drought. Conversely, wet years were experienced in 1988–1990 and 2007–2010, with 1989 being the wettest year. The drought frequency was low (<19%) across all the timescales considered for both SPI and SPEI, with Mansour Eddahbi Dam and Assaka recording the highest frequencies for SPI-3 and SPEI-3, respectively