Informal Funds Transfer Systems; An Analysis of the Informal Hawala System

Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.

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Year of publication:	2003-08-18
Authors:	Qorchi, Mohammed El ; Maimbo, Samuel Munzele ; Wilson, John F.
Institutions:	International Monetary Fund (IMF)
Subject:	Financial systems \| banking \| remittance \| remittances \| foreign exchange \| banking sector \| banking system \| remitter \| state bank \| financial sector \| migrant \| alternative remittance \| money transfer \| remitters \| remittance business \| remittance systems \| capital flows \| international standards \| paper \| money transfers \| remittance transaction \| banking business \| informal remittances \| money laundering \| remittance services \| banking systems \| remittance system \| alternative remittance systems \| prudential regulation \| money remittance \| banking channels \| informal remittance \| bankers \| criminal nature \| law enforcement \| payment systems \| money laundering activities \| laundering process \| funds transfers \| precious metals \| financial crimes \| terrorist financing \| remittance flows \| criminal activity \| international transfers \| supervisory frameworks \| financial sector development \| financial institutions \| financial reforms \| tax evasion \| migrant worker remittances \| worker remittances \| remittance trade \| central banking \| bankrupt \| workers? remittances \| bank branches \| money remittances \| financial transaction \| informal remittance systems \| migrant labor remittances \| domestic remittance \| banking instruments \| bank guarantee \| remittance sender \| bank account \| banking services \| bank of england \| bank accounts \| remittance recipient \| bank reserves \| informal transfer systems \| bank notes \| beneficiaries of remittances \| criminal proceeds \| banking institution \| international remittances \| cost of remittances \| bank financing \| cash movements \| foreign asset \| reporting requirements \| recipients of remittances \| banking information \| bank branch \| regulatory approach \| money transfer service \| supervisory standards \| financial policies \| remittance service \| remittance fee \| capital movements \| banking transactions \| value of remittances \| remittance service providers \| bank drafts \| personal remittances \| remittance channels \| bankers association \| cash remittances \| banking assets \| bank deposit \| financial system \| money launderers \| law enforcement agencies \| due regard \| inward remittances \| money transfer services \| financial markets \| financial abuse \| bank staff \| bank for international settlements \| remittance mechanisms \| deposit insurance \| remittance network \| banking institutions \| regulatory measures \| anti?money laundering \| banking statistics \| transaction cost \| financial remittance \| alternative remittance system \| bank intermediation \| banking regulations \| banking laws \| money transfer mechanisms \| banking secrecy \| banker \| banking networks \| remittance activity \| migration \| banknote \| regulatory frameworks \| illegal activities \| drug money \| customer identification \| secrecy laws \| laundering money \| terrorist acts \| drug trafficking \| financial intermediaries \| criminal activities \| international funds transfers \| negotiable instruments \| laundering activities \| terrorist attacks

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Extent:	application/pdf
Series:	IMF Occasional Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Occasional Papers Number 222 6 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005590949