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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

By
Tesseltje De Lange  and
Elspeth Guild
Edited by
Tesseltje de Lange ,
Willem Maas  and
Annette Schrauwen
Tesseltje de Lange
Affiliation:
Radboud Universiteit Nijmegen
Willem Maas
Affiliation:
York University, Toronto
Annette Schrauwen
Affiliation:
Universiteit van Amsterdam
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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.

Keywords

migrant financial inclusionpayment accountanti-money launderingdiscriminationEU law
Type
Chapter
Information
Money Matters in Migration
Policy, Participation, and Citizenship
 , pp. 205 - 222
Publisher: Cambridge University Press
Print publication year: 2021

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