The Role of Hawala Bankers in the Transfer of Proceeds from Organised Crime

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 1 more Smart Citation

Money Laundering and Financial Means of Organized Crime: Some Preliminary Empirical Findings

Schneider

2008

“…In the last decade, there has been a growing body of research that has analyzed different aspects of hawala -such as, for instance, policy recommendation (Passas, 2005(Passas, , 2006aNakhasi, 2007;Zagaris, 2007;Bowers, 2009;Wang 2011), the relationship with illicit activities (Passas, 1999(Passas, , 2003(Passas, , 2004Bala, 2004;Felman, 2006;Thompson, 2006;Keene, 2007;Van de Bunt, 2008a, 2008b and its consequences (Glushenko, 2005)-and the so-called alternative remittance systems, but the ethical dimension of these practices has been significantly neglected in the literature.…”

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confidence: 99%

Cultural Financial Traditions and Universal Ethics: The Case of Hawala

Redín

Calderón

Ferrero³

2012

Taking into account the global expansion that certain traditional financial practices like hawala have experienced in the last decades, it is undeniable that both cultural diversity and different moral perceptions have become relevant questions in the international financial arena. Consequently, hawala, an ancient financial system profoundly rooted in Islamic moral traditions, offers an extraordinary setting to explore over a real institution the theoretical debate about the potential universality of ethics. Moreover, hawala makes us think over the relationship among legality, formality and morality. This paper discusses the economic, social and ethical features of hawala, in order to shed some light into the question of whether diverse economic phenomena may be judged under Western standards or rather it is necessary to appeal to a superior body of universal values, respectful with the different cultures and religions. The authors show that the current -legalistic-approach to hawala results overly partial and biased. Therefore they conclude that it is essential to bring about a change towards a more ethically, culturally and economically sensitive approach, which would enable hawala to develop its full potential and become a vehicle for financial and economic development. It is necessary to consider the "hyper-norms" and fundamental principles inherent to humanity, which are common to both "formal" and "informal", "Western" and "nonWestern" financial practices, when designing a legal framework for these cultural financial traditions. jiferrero@unav.es AbstractTaking into account the global expansion that certain traditional financial

“…According to van deBunt (2008), Hawala bankers are financial service providers who carry out financial transactions without a license and therefore without government control. They accept cash, cheques or other valuable goods (diamonds, gold) at one location and pay a corresponding sum in cash or other remuneration at another location.…”

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confidence: 99%

Terrorist Financing and Money Laundering

Krieger

Meierrieks

2011

The core aim of this study is to propose an approach to quantitate estimation of indices-based information subject to necessities of the National Risk Assessment (NRA) of money laundering and terrorist financing (ML/TF) risks. Mathematical formalization analysis for Ukraine based on 11 indices and indicators for years 2011-2015 subject to core areas of the overall situation in a country considered within its National Risk Assessment was carried out. Authors' contribution covers scientific novelty that is a first-time analysis of a general situation in a jurisdiction in light of the National Risk Assessment's requirements based on joint consideration of various indices and setting priority to areas of the overall country's situation in the framework of conducted calculations. It was concluded that proposed approach is a valuable instrument for assessing priority of areas of the overall situation in the country for the National Risk Assessment's purposes through a formalized mechanism ensuring high objectiveness. Practical significance of this study is a possibility to reach higher efficiency in allocation of available r e-sources for the participants of the National Risk Assessment, to reduce some costs considering flexibility of the approach allowing consideration of significant volumes of information, its updating and comparison. This research could become a starting point for further research. Considering complexity of existing indices, there is a necessity to study a mechanism of their correlation and mutual influence, analyze elasticity and joint behavior, and discover the areas of preferable influence on large range of purposes not only limited to the MRA of ML/TF risks.