hawala


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ha·wa·la

 (hə-wä′lə)
n.
An informal system for transferring money, especially across borders, in which local agents disperse or collect money or goods on behalf of friends, relatives, or other agents without legal protection or supervision, trusting that all remaining obligations will be settled through future transactions.

[Arabic ḥawāla, bill of exchange, from ḥāla, to change, turn; see ḥwl in Semitic roots.]

hawala

(haˈwɑːlə)
n
(Banking & Finance) a system of money transfer based on promises and honour, practised in the Middle East and parts of Asia and Africa
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.hawala - an underground banking system based on trust whereby money can be made available internationally without actually moving it or leaving a record of the transaction; "terrorists make extensive use of hawala"
act of terrorism, terrorism, terrorist act - the calculated use of violence (or the threat of violence) against civilians in order to attain goals that are political or religious or ideological in nature; this is done through intimidation or coercion or instilling fear
banking industry, banking system - banks collectively
References in periodicals archive ?
FIA: The Federal Investigation Agency (FIA) has arrested three persons involved in illegal business of hawala and hundi.
LAHORE -- FIA Corporate Crime Circle Lahore team conducted a raid at Bao G Travel Agency Malik Wal Mandi Bahauddin on Friday and arrested an accused for illegal business of currency exchange/hundi hawala.
Summary: Hyderabad [Telangana] [India], Feb 22 (ANI): The police on Thursday busted a hawala money transfer racket in Hyderabad and nabbed three persons involved.
LAHORE -- Federal Investigation Agency (FIA) Gujrat team conducted a raid at Abdul Sattar jeweller shop, Sarafa Bazaar in Noshera Virkan on Tuesday where a person found involved in illegal business of currency exchange/hundi hawala.
The agency has revealed that she was the part of a global hawala gang and has carried foreign currencies several times for a Delhi-based Hawala worker who made friends with her six months ago during a flight to India.
The spokesperson further said that the FIA team recovered huge foreign currency, computers and registers containing evidences of hawala and hundi from the possession of Hamid Gohar, director of the company and his nephew Shoaib.
LAHORE -- Federal Investigation Agency (FIA) Gujrat team conducted a raid at Waleed currency exchange Kharianwala district Gujrat on Tuesday where a person found involved in illegal business of currency exchange/hundi hawala.
Saeed Ahmad, President and CEO NBP, said: "The biggest challenge facing the overall remittance business of Pakistan is the use of illegal system of Hawala / Hundi.
SUSPENDED AAP leader Kapil Mishra is leaving no stone unturned to put friend- turnedfoe Arvind Kejriwal in trouble as he made fresh charges saying the Aam Aadmi Party ( AAP) received money through ' hawala network'.
Traditional payment systems, particularly hawala networks, provide a significant range of financial and non-financial business services in local, regional, and international markets.
KOHAT -- Police and FIA authorities undertook a joint operation against the illegal business of Hundi and Hawala in Kohat on 7th April 2016.
Hawala is defined as "money transfer without money movement.