hawala

Noun

Meaning

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

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Examples

terrorists 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

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