Also found in: Thesaurus, Wikipedia.
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.
(Banking & Finance) a system of money transfer based on promises and honour, practised in the Middle East and parts of Asia and Africa
Switch to new thesaurus
|Noun||1.||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