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hawala

Wikipedia English The Free Encyclopedia

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Hawala
Hawala or Hewala (, meaning transfer), also known as hundi, is an informal value transfer system based on the performance and honour of a huge network of money brokers, primarily located in the Middle EastNorth Africa, the Horn of Africa, and the Indian subcontinent, operating outside of, or parallel to, traditional banking, financial channels, and remittance systems.

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WordNet 2.0 Dictionary

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hawala

Noun
1. 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"
(hypernym) banking industry, banking system


UNODC Money Laundering Terms Dictionary

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Hawala
[also spelt Havala, Hawallah or Hawalah]
An alternative remittance system. In its current usage in Hindi, Urdu and Arabic Hawala means "trust" and "reference". The term is interchangeably used with the term hundi, which has the meanings "cheque" or "bill of exchange" and reffers to a means of transferring money based on trust or an appropriate reference. Hawala is a trust-based system of money transfer associated with the Indian Sub-Continent and the Persian (Arabian) Gulf and is liable to abuse and exploitation by money launderers. Hawala works fast and, leaves either no paper trail or a minimal and confusing one and gives returns much higher than conventional banking.

Copyright © 2005 UNODC - United Nations Office on Drugs and Crime.

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