Tweet
Thu Apr 14, 2005
Remittances attract serious international attention
Thursday Canada's Minister of Finance Ralph Goodale announced that he and his Jamaican counterpart, Dr. Omar Davies, have agreed to form a remittance partnership via an informal agreement to help financial institutions in both countries facilitate the secure flow of funds between Canada and Jamaica.
Mr. Goodale noted that remittances play an essential role in private sector development efforts, enabling families to receive needed capital for education, housing and small business investments.
He said the partnership will promote reliable and cost-effective remittance arrangements between Canada and Jamaica in the context of our continued commitment to strong financial systems.
Under the partnership, the governments of Canada and Jamaica agree to identify financial institutions in both countries that are interested in working together to reduce the cost of transferring money between both countries.
They will also improve the quality of statistics measuring remittance flows between Canada and Jamaica; and establish appropriate legislative frameworks to ensure competitive financial sectors that comply with international anti-money laundering and anti-terrorist financing standards.
Canada, together with other G-8 countries, has been active in developing remittance partnerships that improve access to affordable remittance services.
The Canadian Finance minister said as an important source of remittance flows, the Jamaican community in Canada will be a key partner in this initiative.
Remittances attract serious international attention
Remittances attract serious international attention
Thursday Canada's Minister of Finance Ralph Goodale announced that he and his Jamaican counterpart, Dr. Omar Davies, have agreed to form a remittance partnership via an informal agreement to help financial institutions in both countries facilitate the secure flow of funds between Canada and Jamaica.
Mr. Goodale noted that remittances play an essential role in private sector development efforts, enabling families to receive needed capital for education, housing and small business investments.
He said the partnership will promote reliable and cost-effective remittance arrangements between Canada and Jamaica in the context of our continued commitment to strong financial systems.
Under the partnership, the governments of Canada and Jamaica agree to identify financial institutions in both countries that are interested in working together to reduce the cost of transferring money between both countries.
They will also improve the quality of statistics measuring remittance flows between Canada and Jamaica; and establish appropriate legislative frameworks to ensure competitive financial sectors that comply with international anti-money laundering and anti-terrorist financing standards.
Canada, together with other G-8 countries, has been active in developing remittance partnerships that improve access to affordable remittance services.
The Canadian Finance minister said as an important source of remittance flows, the Jamaican community in Canada will be a key partner in this initiative.
Remittances attract serious international attention
Comment