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Ottawa, April 14, 2005
2005-027

Canada and Jamaica to Encourage Low-Cost Remittance Services

Minister of Finance Ralph Goodale today announced that he and Jamaican Finance Minister Omar Davies have agreed to form a remittance partnership—an informal agreement to help financial institutions in both countries facilitate the secure flow of funds between Canada and Jamaica.

"Remittances play an essential role in private sector development efforts, enabling families to receive needed capital for education, housing and small business investments," said Minister Goodale. "This 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 Canada and Jamaica;

• 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. As an important source of remittance flows, the Jamaican community in Canada will be a key partner in this initiative. Minister Goodale announced a similar remittance partnership with India in November 2004.

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