4. Hawala: A U.A.E. Perspective

Saeed Al-Hamiz

Author: Saeed Al-Hamiz

Language:: English

Keywords:: SEM; MVT services; money remittance office; remittance; transaction; regulation; hawala transaction; remittance system; drug money launderer; control environment; money exchange; Migrant labor; South Asia; Central Asia; Asia and Pacific

Abstract

Hawala can be simply defined as an alternative or parallel remittance system that exists and operates outside the traditional banking system. Typically, a hawala transaction transfers the value of money from one country to another without the corresponding movement of cash or cover across borders. Another way of looking at the transaction is that it is a transfer of debt.

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Regulatory Frameworks for Hawala and Other Remittance Systems

Author: International Monetary Fund

ISBN:: 9781589064232

Publication Date:: 24 Mar 2005

Publisher:: International Monetary Fund

DOI:: https://doi.org/10.5089/9781589064232.072

Pages:: 120

Abstract
Definition
Examples
Initiatives Taken by the Central Bank of the U.A.E.
Regulation of Hawala—Steps Already Taken in the U.A.E.
International Cooperation—Regulation
The Way Forward

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