Book contents
- Money Matters in Migration
- Money Matters in Migration
- Copyright page
- Contents
- Notes on Contributors
- 1 Money Matters in Migration: A Synthetic Approach
- Part I Migration
- Part II Participation
- 9 “This Is Affordable!” The Role of Money Matters in the Use of Live-In Migrant Care Arrangements
- 10 De-magnetizing the Market: European Integration, Employer Sanctions, and the Crackdown on Undeclared Work
- 11 Women as EU Citizens: Caught between Work, (Sufficient) Resources, and the Market
- 12 Migrant Financial Inclusion versus the Fight against Money Laundering and Terrorist Financing
- 13 Migrant Remittances and Money Laundering in Africa
- Part III Citizenship
- Index
- References
12 - Migrant Financial Inclusion versus the Fight against Money Laundering and Terrorist Financing
from Part II - Participation
Published online by Cambridge University Press: 12 November 2021
Book contents
- Money Matters in Migration
- Money Matters in Migration
- Copyright page
- Contents
- Notes on Contributors
- 1 Money Matters in Migration: A Synthetic Approach
- Part I Migration
- Part II Participation
- 9 “This Is Affordable!” The Role of Money Matters in the Use of Live-In Migrant Care Arrangements
- 10 De-magnetizing the Market: European Integration, Employer Sanctions, and the Crackdown on Undeclared Work
- 11 Women as EU Citizens: Caught between Work, (Sufficient) Resources, and the Market
- 12 Migrant Financial Inclusion versus the Fight against Money Laundering and Terrorist Financing
- 13 Migrant Remittances and Money Laundering in Africa
- Part III Citizenship
- Index
- References
Summary
This chapter takes as its point of departure Objective 20 of the UN Global Compact on Migration to promote faster, safer, and cheaper transfer of remittances and foster financial inclusion of migrants. In order to achieve this objective, signatory states are called upon to facilitate remittance infrastructures and see to it that measures to combat illicit financial flows and money laundering do not impede migrant remittances through undue, excessive, or discriminatory policies. The objective also calls for accessing payment system infrastructure, such as bank accounts. While propagating financial inclusion the UN also has a strong impact on financial exclusion of migrants through its instruments against money laundering and terrorist financing. This dichotomy is echoed by the European Union when it comes to the implementation of the right of access to a payment account, also for migrants, acknowledged in Directive 2014/92. At the same time banks are asked to prevent money laundering in Directive 2015/849. The result of this dichotomy is undue, excessive, and discriminatory policies and practices on the ground, discussed in this chapter specifically for the UK and the Netherlands.
- Type
- Chapter
- Information
- Money Matters in MigrationPolicy, Participation, and Citizenship, pp. 205 - 222Publisher: Cambridge University PressPrint publication year: 2021
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