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

Author/Editor: Wilson, John F. | Maimbo, Samuel Munzele | El Qorchi, Mohammed
Published: August 18, 2003
Electronic Access: Link to Abstract

Summary: 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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Series: Occasional Paper No. 222
Subject(s): Financial systems | Foreign exchange
    Published:   August 18, 2003        
    ISBN/ISSN:   978-1-58906-226-9 / 0251-6365   Format:   Paper
    Stock No:   S222EA   Pages:   64
    Price:   US$25.00 (Academic Rate: US$22.00 )
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