Hawala

Hawala is a money-transfer system based primarily in Asia, Africa and the Middle East, based on independent brokers who phone one another and say, "I'm holding so much money in such and such a currency, please transfer an equivalent sum in local funds to such and such a person."

Boing Boing 2007

Hawala is attractive to customers because it provides a fast and convenient transfer of funds, usually with a far lower commission than that charged by banks.

Boing Boing 2007

Others pay traders to transfer savings to their friends and family overseas using a system known as Hawala, in which customers pay a fee to deposit cash with a dealer and are given a password, which is then used by the money's recipient when the cash is collected from a trader's contact elsewhere, usually Dubai.

Libyans Protect Assets Amid War Joe Parkinson 2011

Others pay traders to transfer savings to their friends and family overseas using a system known as Hawala, in which customers pay a fee to deposit cash with a dealer and are given a password, which is then used by the money's recipient when the cash is collected from a trader's contact elsewhere, usually Dubai.

Libyans Protect Assets Amid War Joe Parkinson 2011

Somalis collecting money wired to them from relatives abroad in a system known as the Hawala, an unregulated system that the U.S. now believes bin Laden may have used to move money as a continuant to move money undetected about the globe to al Qaeda operatives, but a lifeline, too for tens and thousand of Somali families.

CNN Transcript Jan 16, 2002 2002

Moslems were the first to use promissory notes and assignment, or transfer of debts via bills of exchange ( "Hawala").

Hawala, or the Bank that Never Was 2006

Recent anti-terrorist legislation in the US and the UK allows government agencies to regularly supervise and inspect businesses that are suspected of being a front for the '' Hawala '' banking system, makes it a crime to smuggle more than $10,000 in cash across USA borders, and empowers the Treasury secretary (and its Financial Crimes Enforcement Network - FinCEN) to tighten record-keeping and reporting rules for banks and financial institutions based in the USA.

Hawala, or the Bank that Never Was 2006

"Hawala" consists of transferring money (usually across borders and in order to avoid taxes or the need to bribe officials) without physical or electronic transfer of funds.

Hawala, or the Bank that Never Was 2006

In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic).

Hawala, or the Bank that Never Was 2006

Hawala, or the Bank that Never Was yahooBuzzArticleHeadline = 'Hawala, or the Bank that Never Was'; yahooBuzzArticleSummary = 'Article: In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic).'

Hawala, or the Bank that Never Was 2006

Hawala is an Arabic term roughly meaning “to change” or “to transfer.”

The (Dis)assembly of Information Miles Kellerman 2024