BANK INEFFICIENCIES AND FEES MEAN HAWALA IS STILL THRIVING, CONFERENCE HEARS
May 1st, 2007
BY PAUL COCHRANE, in Abu DhabiHOW to better regulate the popular Middle East and south Asian alternate remittance system (ARS) known as hawala, which has been linked to money laundering, organised crime and terrorist financing, was the focus of the recent Fourth International Conference on Hawala at the Central Bank of the United Arab Emirates (UAE) in Abu Dhabi.Hawala, which can be traced back to the 8th century, is a popular, cheap and effective way to send money that is heavily used by the Gulf's massive expatriate Asian population. Money is transferred ...
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