• Central_Bank_of_the_United_Arab_Emirates

    What is Hawala? Hawala is an informal method of transferring money without any physical money actually moving. Interpol’s definition of hawala is “money transfer without money movement”. Another definition is simply “trust”. Hawala is used today as an alternative remittance channel that exists outside of traditional banking systems.Transactions between hawala brokers are made without promissory ...
  • hawala money laundering

    Hawala, or hundi, is an unofficial and informal channel to transfer money mainly used among South Asians. The UAE has made it mandatory for Hawala service providers in the country to register, as the country strengthens its anti-money laundering and counter terrorist financing (AML/CFT) framework, the Central Bank said in a statement on Monday. The ...