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International Informal Banking Systems Operating in the Greater Toronto Area

International Informal Banking Systems Operating in the Greater Toronto Area

By
Kalyani Munshani

March 2005

Print the Research Paper (PDF, 210 K)

This paper was prepared for the Law Commission of Canada and York University’s Nathanson Centre for the Study of Organized Crime and Corruption under the title “International Informal Banking Systems Operating in the Greater Toronto Area”. The views expressed are those of the author and do not necessarily reflect the views of the Commission nor of the Nathanson Centre. The accuracy of the information contained in this paper is the sole responsibility of the author.

TABLE OF CONTENTS

PART ONE

• Introduction and Objective
• Methodology
• Assumptions

PART TWO

• General Observations Regarding Financial Agents
  • Legal Status
  • Trust
  • Primary / Secondary Business
  • Registration
  • Recordkeeping
  • Advertising
  • Bank Involvement
  • Fees/Flow of funds
  • Education/ Language skills

  COMMUNITY SPECIFIC ANALYSIS

• Afghani Financial Agents
  • Destination
  • Primary Business and Registration
  • Record Keeping
  • Fees/Flow of Funds
  • Bank Involvement
  • Advertising and Affiliations
  • Competition/Collaboration
  • Transaction Process
• Pakistani Financial Agents
  • Primary Business and Registration
  • Destination
  • Recordkeeping
  • Advertising/Affiliations
  • Competition/Collaboration
  • Fees
  • Flow of Funds
  • Effects of 9/11
  • Transaction Process
• Indian Financial Agents
  • Destination
  • Primary Business and Registration
  • Record Keeping
  • Fee/Flow of Funds
  • Advertising/Affiliations
  • Competition/Collaboration
  • Bank Involvement
  • Transaction Process
• Clients

  PART THREE

• Conclusions/Recommendations
• References
• Annex I: Questions addressed to financial agents
• Annex II: Questions addressed to clients