TRANSFER SERVICE

Money Transfer Services and Wire Transfers Services



Money Transfer Services and Wire Transfers Services

INTRODUCTION

With the most central accessory to wealth a reliable methodology for its transfer, this manuscript probes deep inside the oldest and most widespread yet largely unknown financial subculture ever to exist, a mysterious parallel banking system where the movement of money across national borders frequently remains quite invisible, even today. It does so by providing a comparative analysis of formal and informal methods employed worldwide to transfer money, examining operating characteristics of both types of systems together with the surfeit of legal and regulatory regimes endeavoring to control and enforce consistent standards governing them. It addresses the intriguing puzzle of how to gauge the effects informal systems may have upon money supply measurement and management regimes while suggesting a connection between reliable financial data and global economic stability (Winston 2008).

It details ways in which money transfer systems are used and can be abused while offering divergent perspectives on the ever-present tension between a constitutional democratic republic government's law enforcement role and civil liberties inherent to citizenship, including a discussion of fundamental human rights issues at stake and the legal basis for loss-of-privacy concerns inextricably linked to the present regulatory framework of formal money transfer systems as distinguished from their older anonymous kin. It proposes concrete steps toward re-liberalizing money transfer systems through the attenuation of legal requirements for information presentment to formal money transfer system providers, addressing the question of whether formal and informal systems can coexist in the long term.

It does all of the above while positioning informal money transfer system practices in a comprehensive historical context from its millennia old roots through the present, beginning with money's original construct and evolution under the influence of ancient religious texts :from value to metaphor-for-value together with its transformation to an invisible and nearly impossible-to-control cloud of particles empowered to roam the globe free and unbound, fed and propelled by human interaction through billions of individual financial transactions continuously undertaken day and night worldwide, a result of which may ultimately be that such arcane characterizations as formal and informal will, as applied to money transfer systems, inform little and matter less.

MONEY TRANSFER SERVICES

More recently this movement of wealth has involved either physically transporting money in the form of cash or remotely acting to bring about changes in a pair of distant recorded account balances. With the invention of banking came bank regulators, yet their reach though unquestionably long and broad has never come close to regulating every financial transaction between or among humans (Winston 2008). Assuredly, those engaged in the business of investigating or preventing crime and who wish to follow the money but cannot will face a more difficult challenge, as will those who produce or rely upon economic statistical data with a money supply or capital flow component when supply estimates are wrong or when significant volume is unreported face a more difficult ...