from The American Heritage® Dictionary of the English Language, 4th Edition
- n. A system for remitting money, primarily in Islamic societies, in which a financial obligation between two parties is settled by transferring it to a third party, as when money owed by a debtor to a creditor is paid by a person who owes the debtor money. Hawala transactions are usually based on trust and leave no written record.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. A long-established, informal system of money transfer from India and the Middle East, still in use by migrant workers.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. 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
Much of the funding came through a black-market banking system called hawala, which is common throughout the Middle East and South Asia.
“Operation Green Quest is focusing on the informal, largely paperless form of money exchange known as hawala, which is Arabic for ‘to change.’”
That is because a preferred method of transferring illegal money is called hawala.
Officials have speculated that he used informal Middle East money-transfer networks known as hawala, which are difficult to trace.
* The main way to get cash out of Dubai is something called hawala, an informal network of secret money-transfer agents all over the world that circumvents the global banking system.
Mohammad Younis, 44, was indicted on charges of operating an unlicensed money transfer business known as a hawala, an informal funds network popular in South Asia and the Middle East.
Mohammad Younis, 44, was indicted on charges of operating an unlicensed money transfer business known as a hawala, an informal network popular in South Asia and the Middle East.
Mr. Younis allegedly gave Mr. Shahzad the money at the direction of an unidentified co-conspirator in Pakistan through an unlicensed money-transfer business known as a hawala, according to an indictment unsealed by federal prosecutors in Manhattan.
A decadelong effort to close off the U.S. financial system to terrorism funding is falling short of stopping people who send small sums at a time, often using informal money transmitters known as hawala, authorities say.
Compounding that issue has been the difficulty and reluctance to monitor charities, as well as the abundant informal money transfer networks called hawala, or worker remittances.
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