The Canada-Caribbean Remittance Corridor

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Main Points The main points in this chapter are: ■ Starting in 1962 after the shift away from a race-based immigration policy in Canada, immigration from the Caribbean has grown fairly rapidly, peaking in the mid-1970s, and then declined both in intensity and relative weight compared to other regions, such as Asia and the Pacific. ■ Remittance practices in Canada are widespread among migrants from less endowed economies (especially from the Caribbean). ■ Estimating the size of remittance flows from Canada with precision remains a challenge: recent estimates have put overall Canadian remittances between Can$12 billion and Can$17 billion. ■ The Canadian remittance market is currently dominated by MTOs, (now subject to registration and to full AML/CFT requirements) with banks perceiving MTO business as high risk and less profitable because of high compliance costs.


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