Talk:Hawala
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[edit] Review of Douglas Farah book
In the 10 February 2005 edition of the New York Review of Books, Patrick Radden Keefe reviews Douglas Farah's Blood from Stones: The Secret Financial Network of Terror (Broadway Books, 2004) [ISBN 0767915623], and provides an interesting overview of, among other things, Farah's attempts to pursuade the CIA of the function of hawala, and the agency's resistence to investigating the network. --SilasM 02:58, 30 Jan 2005 (UTC)
[edit] the origin of the word
the word is of an Arabic origin
the word "HAWALA" (n) originated from the verb (most arabic words originates from verbs) "HAWWALA" (v); which means "transfer" or "divert" and thus "Hawala" means "transfer " (n)--Rawand 14:37, 23 Mar 2005 (UTC)
[edit] Question
If, as I understand is the case, this is often used to send money to one's family in a different country, and being that there are particular countries that receive the money, and other countries that export the money, what happens when eventually the broker in the receiving country is very low on cash? It seems that the system would work very well if there was a near equal quantity of money crossing the borders in both directions. But, as it appears that the system works pretty darn well and has been for quite some time, there must be more to it.Isaac Crumm 23:50, 22 January 2007 (UTC)
[edit] Illegality in the US?
The article claims this financial system is illegal in some parts of the USA, but fails to provide a reference for the claim. Adding a "citation needed" tag. WeedWhacker 06:51, 5 March 2007 (UTC)
The Hawala Alternative Remittance System and its Role in Money Laundering
United States Department of the Treasury Financial Crimes Enforcement Network (FinCEN)
“Even though hawala is illegal from a regulatory standpoint in some U.S. jurisdictions, hawaladars advertise their services widely in a variety of media (ethnic newspapers have been the traditional place to find them, now some are using the Internet). Enforcement of these regulation is difficult with respect to hawala. The advertisements are often printed in foreign languages, and wording like .sweet rupee deals. does not necessarily suggest remittance services. Moreover, businesses like Yasmeen.s do not conduct remittances as their primary activity.
In South Asia, the situation is more complicated. Many South Asian nations (such as India and Pakistan) have laws that prohibit speculation in the local currency, prohibit foreign exchange transactions at anything other than the official rate of exchange, and impose strict licensing requirements on money remitters and foreign exchange dealers. In addition, there are regulations governing inbound and outbound remittances.”
Ralph Couey Stonewall Manor —Preceding unsigned comment added by 149.101.1.122 (talk) 14:26, 23 May 2008 (UTC)
