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Cover Departmental Papers
Report on the Pacific Roundtables: Actions to Address Correspondent Banking and Remittances Pressure
Ms. Alison Stuart, Jihad Alwazir, Ms. Yan Liu, Mr. Scott Roger, Mr. Si Guo, Chau Nguyen, Mr. Emmanuel Mathias, and Mr. Jonathan Pampolina
The paper looks at feasible concrete action that can be taken by correspondent and respondent banks, money transfer operators, the Pacific authorities, the Australian and New Zealand authorities, and international organizations.
Keywords:
DPPP; DP; money transfer operator; correspondent banking relationship; accounts open; guidance to member; operator transaction; transfer operator; operator practice; transfer operator account; operator remittance; transfer operator practice; transfer operator closure; correspondent banking link; money transfer operator remittance; Correspondent banking; Remittances; Anti-money laundering and combating the financing of terrorism (AML/CFT); Compliance costs; Multilateral development institutions; Pacific Islands; Global; Australia and New Zealand
Cover Departmental Papers
Report on the Pacific Roundtables
Actions to Address Correspondent Banking and Remittances Pressures
Ms. Alison Stuart, Jihad Alwazir, Ms. Yan Liu, Mr. Scott Roger, Mr. Si Guo, Chau Nguyen, Mr. Emmanuel Mathias, and Mr. Jonathan Pampolina

financing risk rating of the remittance corridor from Australia to the Pacific islands is low ( Box 1 ). The purpose of the report was to provide more information on (AML/CFT) risks associated with money transfer operator remittances specifically through the channel from Australia to the Pacific islands. The finding that the overall risk is low (see box) fills an information gap and could help contribute to relieving correspondent banks’ concerns about risk assessment of the Australia to Pacific remittance channel (although it is hard to distinguish a major effect so far

Keywords:
DPPP; DP; money transfer operator; correspondent banking relationship; accounts open; guidance to member; operator transaction
Cover IMF Working Papers
What Explains Remittance Fees? Panel Evidence
Thorsten Beck, Mathilde Janfils, and Mr. Kangni R Kpodar

) Bank Dummy if remittance service provider is a bank Remittance Prices Worldwide (World Bank) MTO Dummy if remittance service provider is a money transfer operator Remittance Prices Worldwide (World Bank) Branch Dummy if remittance has to be sent through branch Remittance Prices Worldwide (World Bank) Agent Dummy if remittance can be sent through agent Remittance Prices Worldwide (World Bank) Internet Dummy if remittance can be sent through Internet Remittance Prices Worldwide (World Bank) Cash payment Dummy if

Keywords:
remittance price; remittance service; remittance market; remittance service market; remittance flow
Cover IMF Working Papers
What Explains Remittance Fees? Panel Evidence
Thorsten Beck, Mathilde Janfils, and Mr. Kangni R Kpodar
This paper uses data across 365 corridors to document time and country variation in remittance fees and explore factors predicting variation in remittance fees. We document a general reduction in such fees over the past decade although the goal of fees below 3 percent has not been met yet in many corridors. We identify both cost- and risk-based constraints and market structure as barriers to lower remittance fees. Higher transaction costs as result of a more rural population in the sending country and lower scale are associated with higher remittance fees. However, lower risks due to the stability of fixed exchange rates and Internet rather than cash payment are associated with lower remittance fees. Finally, remittance corridors dominated by banks and few players are characterized by higher fees.
Keywords:
Remittances; migration; access to financial services; remittance fee; remittance cost; remittance corridor; A. remittance; panel evidence; Exchange rate arrangements; Capital controls; Plurilateral trade; Global
Cover IMF Staff Country Reports
Samoa: 2021 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Asia and Pacific Dept
Samoa has shown resilience to past economic shocks, underpinned by the authorities’ strong commitment to support the economy and financial assistance provided by the international community. Samoa was among the first countries in the world to secure its border to protect its citizens from COVID-19. The authorities’ quick response to the measles outbreak and the global pandemic has identified the policy priorities well. The international community also responded swiftly, including the IMF disbursement under the Rapid Credit Facility (RCF) in April 2020 which helped unlock record budget support grants by the Asian Development Bank (ADB) and the World Bank (WB). The authorities strengthened the health care system and provided support to the private sector, with assistance targeted to vulnerable businesses and households to safeguard livelihoods.
Keywords:
ISCR; CR; U.S. dollar; IMF disbursement; due diligence; audit quality; stimulus package