Tag: regulation

 

Publications

Regulatory pressure on international banks to fight money laundering (ML) and terrorist financing (TF) increased substantially in the past decade. We find countries that have been added to a high-risk greylist face up to a 10% decline in the number of cross border payments received from other jurisdictions, but no change in the number sent. We also find that a greylisted country is more likely to see a decline in payments from other countries with weak AML/CFT institutions. We find limited evidence that these effects manifest in cross border trade or other flows. Given that countries that are placed on these lists tend to be poorer on average, these impacts are likely to be more strongly felt in developing countries.

Global Efforts to Combat Financial Exclusion Forge Ahead

Blog Post

In November 2015, CGD published a report on the unintended consequences of anti-money laundering policies for poor countries, focusing on three groups: migrant workers who send remittances to their families, vulnerable people who are displaced by conflict or natural disasters and are in need of foreign assistance, and businesses that rely on cross-border trade. Since then, the international community has made several efforts to address the problem of financial exclusion created in part by these policies. 

Publications

Policymakers in most OECD countries face the challenge that they must fight people smuggling while retaining control of migration flows. An innovative policy of selling visas combined with enforced sanctions on employers and employees for illegal working can control migration flows and put smugglers out of business.

A New Vision for US-Mexico Cooperation on Labor Mobility

Blog Post

Today we launch a detailed proposal for a new era of collaboration between the United States and Mexico: bilateral regulation of temporary, lawful labor mobility across the border. I join with a diverse, five-star group of experts from both countries—chaired by Ernesto Zedillo, the former president of Mexico and Carlos Gutierrez, the U.S. Secretary of Commerce under George W. Bush (as featured in the New York Times)—to say that it is time for a new vision of the shared future at our shared border. We offer specific ways to get there.

Macroprudential Regulation and Developing Countries: Liliana Rojas-Suarez

Blog Post

This blog was originally posted on March 7, 2011.

Regulators at the Bank for International Settlements (BIS) in Basel, Switzerland, are hard at work designing regulatory standards to avoid future financial meltdowns like the global financial crisis of 2008. Joining them for two months is Liliana Rojas Suarez, a CGD senior fellow and the founding chair of the Latin American Shadow Financial Regulatory Committee.