Mohammed El Qorchi, Samuel Maimbo, and John Wilson
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
August 2003
DOI:
http://dx.doi.org/10.5089/9781589062269.084
ISBN:
9781589062269
ISSN:
0251-6365
Page:
64
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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