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  • noun

Words related to hawala

an underground banking system based on trust whereby money can be made available internationally without actually moving it or leaving a record of the transaction

References in periodicals archive ?
He quoted a hawaladar as saying, "We are finding a loophole around sanctions.
At any given time, one hawaladar has outstanding debts or credits with a number of other hawaladars.
4) A hawaladar probably is more economical than other more legitimate means of moving money because of lower finance charges and exchange rates.
There is an implicit guarantee on payments, however, because a broken trust would result in community ostracism constituting economic suicide for the hawaladar.
People trusted him because of his position as a hawaladar and he was known by everyone from when he had a shoe stall in the local market.
Detectives said Basra made only a nominal amount of money as a hawaladar and the annualturnover of his three businesses was less than pounds 30,000.
Customers in one country transfer funds to an operator, or hawaladar, and corresponding funds are disbursed in another country by a second hawaladar, according to a statement by U.
The AMLSCU also needs additional resources to be able to execute its mandate of hawaladar supervision--currently it is not capable of supervising the vast number of hawaladars in the country or enforcing hawaladar compliance.
Counter-valuation: Often employed in settling debts between hawaladars or traders.
They applied new reporting and information-sharing principles to new sectors of the domestic and international financial community, such as insurance companies, brokers and dealers in precious metals and stones, money-service businesses, and hawaladars (hawala is a trust-based money transfer mechanism).
While most money transfers made through these hawaladars, or brokers, are benign, the system is also routinely used by drug smugglers, terrorists and other criminals who want to move money without leaving a paper trail.
After September 11, it became clear that al Qaeda had used Dubai both as a transit point for the hijackers traveling onward to the United States, and, more generally, for the trusted hawaladars (brokers of informal, trust-based means of financial transfer) in the country.
Money is transferred through a network of hawala brokers, also called hawaladars.
Transfers of money take place based on communications between members of a network of hawaladars, or hawala dealers.
The unlicensed and unregulated hawaladars in major drug areas such as Helmand likely account for a substantial portion of the illicit proceeds being moved in the financial system.