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Global Consumer Money Transfers (GCMT) Conference 2006 Mandarin Oriental Hotel, London, UK, 30 October 2006 Review by Sean Curtin  Lord Lamont chaired the cutting-edge GCMT Conference In recent years worldwide remittance flows have witnessed phenomenal growth, doubling in the past five years, and now estimated to exceed over US$300 billion annually. For many countries, including North Korea, these money transfers are a vital economic lifeline, representing over 10% of GDP in 20 of the largest recipient nations. While there are no reliable figures for North Korea, in Moldova money transfers represent almost 30% of GDP while in Haiti it is almost 25% and in Bosnia-Herzegovina the figure is about 22.5%. Developing countries currently receive about US$170 billion in remittances per year, demonstrating the powerful global impact of the money transfer industry. The well-attended conference considered how this high growth sector should efficiently regulate the enormous financial flows while hindering their misuse by terrorists and criminals. A broad spectrum of topics were discussed ranging from optimizing the global remittance system to new innovations in the Russian money transfers industry. Russian financial institutions are taking a leading role in expanding the sector. Amongst the many subjects covered were remittances to North Korea, which tested a nuclear device on 9th October. Adam Szubin, the director of the Office of Foreign Asset Control at the US Treasury Department expressed strong understanding for the Japanese dilemma about how to deal with the issue of remittances to the rogue state.  Adam Szubin, US Treasury Department: "We understand Japan has immense concern about North Korea." In Japan there has been considerable debate about whether Tokyo should halt cash remittances to its nascent nuclear neighbour. Currently remittances sent to North Korea from ethnic Koreans living in Japan amount to tens of millions of dollars a year and are an important source of foreign currency, providing a financial lifeline for Pyongyang. So far Tokyo has only banned Japanese financial institutions from processing overseas remittances to 15 organizations and one individual with suspected links to Pyongyang's nuclear weapons programme, but it keeps the option of stronger remittance sanctions on the table. In recent years Japan has seen a sharp increase in the number of postal remittances to the hermit state.  The annual GCMT conference is becoming a leading forum for global debate. This was the second Global Consumer Money Transfers Conference, following the first highly successful cutting-edge event in London last year. This year's gathering brought togther 70 of the largest operators in the money transfer business and many leading global experts in the field. As the North Korea example demonstrates, remittances are a financial issue of increasing global importance and this annual conference is becoming a leading forum for global debate.  Mark Lowcock, Department of International Development  The conference was held at the Mandarin Oriental Hotel, London |
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