#7 Hawala: The Invisible Artery of Illicit Finance
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Hawala is more than a remittance tool - it's a silent counter-economy.
Rooted in ancient trust-based systems, the hawala system allows funds to travel across borders without ever entering the formal financial system.
For financial criminals, hawala is an off-the-books express lane. For AML professionals, it's the ultimate blind spot. But for foreigners sending money home, it's cheap, fast, and trustworthy.
Rooted in ancient trust-based systems, the hawala system allows funds to travel across borders without ever entering the formal financial system.
For financial criminals, hawala is an off-the-books express lane. For AML professionals, it's the ultimate blind spot. But for foreigners sending money home, it's cheap, fast, and trustworthy.
Chapters
- 00:01 Introduction to hawala
- 01:48 How the Hawala system works
- 03:06 Impact of September 11 and global regulations
- 04:06 The Evolution of hawala and its cases in South Africa
- 06:30 Recent cases and regulatory challenges
- 08:01 Legislation and regulation in South Africa
- 09:30 Balanced approaches to regulation
- 11:48 Progress and future challenges
