Remittance plays a large role in a country’s economy and it has become one of the major sources of the development.
Some countries have millions of foreign workers, so in result, each country needs to manage the remittances including Jeddah.
Since there are thousands of Overseas Filipino Workers (OFWs) and other foreign workers in Jeddah, they developed a new mechanism that compares the remittances with the sender’s income.
The brainchild of the Finance Ministry, the Saudi Arabian Monetary Agency and other relevant bodies aim to control the transfers.
They detected that thousands of foreign workers are sending an amount that exceeds their income.
This puzzled them to where did these people get the 'extra' income from? It might the result of concealed, even criminal actions.
Hence, this is one way limiting labor market irregularities and violation of illegal income by the foreign workers.
Any income from them will be linked with banks, without exception, through a unified network. The new mechanism is under consideration and will be launched soon.
Source: ARAB NEWS