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Articles 1 - 4 of 4
Full-Text Articles in Banking and Finance Law
Dodd-Frank, International Remittances, And Mobile Banking: The Federal Reserve’S Role In Enabling International Economic Development, Colin C. Richard
Dodd-Frank, International Remittances, And Mobile Banking: The Federal Reserve’S Role In Enabling International Economic Development, Colin C. Richard
NULR Online
International remittances—"cross-border person-to-person payments of relatively low value" sent primarily by international migrants to family members in developing countries—alleviate poverty, support entrepreneurship, and foster the development of financial systems. Until recently, aside from prohibitions on financial interactions with countries such as Cuba or Burma, U.S. regulators have only indirectly addressed these monetary transfers. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) changes this, providing direct, substantive regulation of the industry for the first time. Dodd-Frank calls on the Board of Governors of the Federal Reserve System (Board) to craft more than a dozen regulations to enforce Dodd-Frank's remittance …
The International Anti-Money Laundering And Combating The Financing Of Terrorism Regulatory Strategy: A Critical Analysis Of Compliance Determinants In International Law, Navin Beekarry
Northwestern Journal of International Law & Business
Concerns about the risks money laundering (ML) and terrorist financing (TF) present to the stability of the international financial system have resurfaced in the context of the liquidity problems faced by financial institutions as a result of the recent credit crisis (2008). Because ML and TF evolve with new criminal activities and methodologies, ML and TF present systemic threats to the stability of the financial system. Addressing new developments in ML/TF and their associated risks requires a sufficiently flexible and adaptable international regulatory strategy. In this paper, I examine the international anti-money laundering and combating the financing of terrorism (AML/CFT) …
The Revolving Door Of Emigration: The Economic Influences Of Remittances In Developing Countries, Laura L. Norris
The Revolving Door Of Emigration: The Economic Influences Of Remittances In Developing Countries, Laura L. Norris
Northwestern Journal of International Law & Business
Economic incentives play an integral role in many individuals' choices to leave their country of origin. While a person may independently make the decision to migrate, some governments have developed extensive programs to promote the export of workers. Developing nations often initiate such programs for the purpose of acquiring additional sources of foreign exchange and external financing, as emigrants in transnational families can play a critical role in development through remittances. Remittances to developing countries totaled $325 billion in 2010, and they will likely continue to increase along with emigration. The following Comment considers the palpable contribution remittances have on …
Solving Global Financial Imbalances: A Plan For A World Financial Authority, Carlos Mauricio S. Mirandola
Solving Global Financial Imbalances: A Plan For A World Financial Authority, Carlos Mauricio S. Mirandola
Northwestern Journal of International Law & Business
This paper will propose a plan to reform international finance—the World Financial Authority (WFA) Plan. Under such a plan, the IMF and other existing international financial institutions would be reformed and coordinated around a newly created WFA. The WFA would have two core functions. The first function would be to manage international liquidity, thus reducing externalities arising from domestic monetary policies adopted by its members, and addressing global liquidity problems involving financial activities of transnational private banks. The second function would be to help countries make their domestic monetary policies more effective, thus regaining traction and preventing contagion. A central …