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
English language
Toggle Transcript
hawala::noun | Spocien Dictionary
| Type | Words |
|---|---|
| Type of | banking industry, banking system |
terrorists make extensive use of hawala.
Examples of hawala
hawala
In any case, it is unlikely that efforts to shut down hawala networks would succeed.
From the economist.com
This system is remotely comparable to hawala banking or services like Western Union.
From the en.wikipedia.org
The hawala alternative remittance system and its role in money laundering.
From the en.wikipedia.org
Most of the rest, he said, makes its way in through hawala and other informal channels.
From the economist.com
In February and March, the hawala business was up 10 percent, with one transfer of $700,000.
From the businessweek.com
Still, frequently even the hawala broker doesn't know who originally requested the money transfer.
From the boston.com
In America hawala dealers will come under money-transmission regulations at the end of the year.
From the economist.com
The words aval and avallo were themselves derived from hawala.
From the en.wikipedia.org
Investigators said hawala networks are probed because terrorists can use them to secretly move money.
From the timesunion.com
- 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; "terrorists make extensive use of hawala"
- Hawala (also known as hundi) is an informal value transfer system based on the performance and honour of a huge network of money brokers, which are primarily located in the Middle East, North Africa, the Horn of Africa, and South Asia.
- A long-established, informal system of money transfer from India and the Middle East, still in use by migrant workers
- Paperless financial system that al Qaeda is suspected of using. From the Hindi for "in trust," the system works on cash and promises of repayment, making tracing of transactions difficult.
- (also Hundi)traditional system for transfer of money over long distances. Hit the international headlines in the 1990's with the "Hawala scandal" involving payments allegedly made to top Indian politicians by the Jain brothers.
- Literally, it means transfer.
