The Canada-Caribbean Remittance Corridor: Fostering Formal Remittances to Haiti and Jamaica through Effective Regulation
- Remittances are a significant source of external financing for Caribbean economies, often exceeding ODA and FDI.
- Canada is a major source of remittances to Haiti and Jamaica due to its large Caribbean diaspora.
- The remittance market in Canada is dominated by MTOs, with increasing competition leading to lower transfer fees.
- Regulatory frameworks in Canada, Jamaica, and Haiti aim to balance AML/CFT requirements with financial access.
- Informal remittance channels still exist, but formal channels are becoming more prevalent due to increased competition and transparency.
This World Bank working paper analyzes the Canada-Caribbean remittance corridor, with a specific focus on Haiti and Jamaica. It examines the role of remittance flows in Caribbean economies, the characteristics of Canada as a host country for Caribbean communities and a source of remittances, the remittance market landscape in Canada, Jamaica, and Haiti, and the regulatory frameworks governing remittance service providers in these countries. The study provides policy recommendations for government authorities to enhance knowledge of remittance flows, increase transparency, and create an enabling market environment through effective regulations and oversight.
How to cite
World Bank, 2009, The Canada-Caribbean Remittance Corridor: Fostering Formal Remittances to Haiti and Jamaica through Effective Regulation, accessed via HaitiDocs, https://www.haitidocs.org/doc/wb-2009-canada-caribbean-remittance