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Examples
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Hawala is a money-transfer system based primarily in Asia, Africa and the Middle East, based on independent brokers who phone one another and say, "I'm holding so much money in such and such a currency, please transfer an equivalent sum in local funds to such and such a person."
Boing Boing 2007
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Hawala is attractive to customers because it provides a fast and convenient transfer of funds, usually with a far lower commission than that charged by banks.
Boing Boing 2007
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Others pay traders to transfer savings to their friends and family overseas using a system known as Hawala, in which customers pay a fee to deposit cash with a dealer and are given a password, which is then used by the money's recipient when the cash is collected from a trader's contact elsewhere, usually Dubai.
Libyans Protect Assets Amid War Joe Parkinson 2011
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Others pay traders to transfer savings to their friends and family overseas using a system known as Hawala, in which customers pay a fee to deposit cash with a dealer and are given a password, which is then used by the money's recipient when the cash is collected from a trader's contact elsewhere, usually Dubai.
Libyans Protect Assets Amid War Joe Parkinson 2011
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Somalis collecting money wired to them from relatives abroad in a system known as the Hawala, an unregulated system that the U.S. now believes bin Laden may have used to move money as a continuant to move money undetected about the globe to al Qaeda operatives, but a lifeline, too for tens and thousand of Somali families.
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Moslems were the first to use promissory notes and assignment, or transfer of debts via bills of exchange ( "Hawala").
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Recent anti-terrorist legislation in the US and the UK allows government agencies to regularly supervise and inspect businesses that are suspected of being a front for the '' Hawala '' banking system, makes it a crime to smuggle more than $10,000 in cash across USA borders, and empowers the Treasury secretary (and its Financial Crimes Enforcement Network - FinCEN) to tighten record-keeping and reporting rules for banks and financial institutions based in the USA.
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"Hawala" consists of transferring money (usually across borders and in order to avoid taxes or the need to bribe officials) without physical or electronic transfer of funds.
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In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic).
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Hawala, or the Bank that Never Was yahooBuzzArticleHeadline = 'Hawala, or the Bank that Never Was'; yahooBuzzArticleSummary = 'Article: In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic).'
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