11 Dec 2017
Hawala (Arabic for ‘transfer’ or ‘trust’), is an informal system of money transfer that predates the modern banking system by many centuries. It is defined by the Financial Action Task Force as an ‘alternative remittance system’ for transferring money from one location to another outside banking channels. Dating back to 8th Century Silk Road traders, or perhaps even earlier, it has had a significant influence on the development of modern financial systems, particularly on the legal principle of the ‘agent’.
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