HAWALA STILL A HARD NUT TO CRACK FOR AML REGULATORS
December 8th, 2013
THE PUBLICATION in October 2013 of the latest international Financial Action Task Force (FATF) report on 'hawala' and other similar service providers (HOSSPs) has shed light on such alternative money remittance systems. These remain a complex area for anti-money laundering (AML) and combating the financing of terrorism (CFT) authorities to address. ‘Hawala’ still describes many different activities with various money laundering and terrorism financing risks, and vulnerabilities. But a senior FATF spokesman said: “We understand better today how 'hawala' can ...
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