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
Counter-valuation: Often employed in settling debts between hawaladars
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.