Noun
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
Source: WordNetterrorists make extensive use of hawala Source: Internet
Peng, according to sources, is alleged to be holding a fake Indian passport and tax officials said he created a “web of sham companies to launder hawala funds to and from ” over the past two to three years. Source: Internet
How hawala works In the most basic variant of the hawala system, money is transferred via a network of hawala brokers, or hawaladars. Source: Internet
One of the enduring methods has been the use of parallel banking or Informal value transfer systems such as hawala that allowed people to move money out of the country avoiding state scrutiny. Source: Internet
Terms used in other jurisdictions include hundi, hawala, poe kuan, informal funds transfer, underground banking, parallel banking, informal funds transfer and money/value transfer. Source: Internet
Today, hawala is probably used mostly for migrant workers' remittances to their countries of origin. Source: Internet