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What is 'Hawala'?
Thursday, February 22, 2018, 1:07 PM
Hawala is a method of transferring money without any actual movement. One definition from Interpol is that Hawala is "money transfer without money movement." Hawala is an alternative remittance channel that exists outside of traditional banking systems. Transactions between Hawala brokers are done without promissory notes because the system is heavily based on trust.