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hawala
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Hawala
Hawala (, meaning transfer), (also known as hundi) is an informal value transfer system based on the performance and honor of a huge network of money brokers, which are primarily located in the Middle East, North Africa, the Horn of Africa, and South Asia. It is basically a parallel or alternative remittance system that exists or operates outside of, or parallel to traditional banking or financial channels.
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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
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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.
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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