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 Post subject: Orlin J. Grabbe "In Prise of Hawala"
PostPosted: 12 Feb 2010, 5:47 pm 
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Joined: 29 Jan 2008, 6:06 pm
Posts: 731
In Praise of Hawala
J. Orlin Grabbe wrote:
by J. Orlin Grabbe (RIP)

When I was teaching at Wharton, I remember one student who was amazed that he could "wire" his Treasury bill from a bank in Chicago to a bank in Manhattan. Of course there was no mystery to the process. Treasury bills only exist as accounting entries on the books of the Federal Reserve: there is no physical token or quality printed document involved.

The bank in Chicago was the registered owner of the T-bill on the Fed's books, and it simply sent instructions to the Fed to turn the T-bill over to the bank in Manhattan — i.e. to attach the Manhattan bank's name as the owner of the T-bill on the Fed's books. Meanwhile, the bank in Manhattan handed the student a computer-printed receipt, showing that the student was the owner of the T-bill from the bank's point of view.

In this Federal Reserve transaction we have the essence of the hawala system, a system currently under frontal assault from the U.S. because it is efficient, low-cost, and unregulated. As in the hawala system, a person in Chicago (the student) goes to an agent (the Chicago bank) and asks for the transfer for something of value (the T-bill). Through a centralized record-keeping system (the Federal Reserve), value is transferred to an agent elsewhere (the bank in Manhattan) and given to a person at the remote location (in this case, the student again, but it could have been anyone).

A typical hawala transaction in Dubai, here on the shore of the Persian (Arabian) Gulf, might go like this. Iqbal, a Pakistani working in the Jebel Ali Free Zone, gets paid in cash, in UAE dirhams. He wants to send money to his family in Karachi, so he goes to a hawaladar and gives him 5000 dirham. The hawaladar sends an email or a fax to his uncle in Karachi (who is also a hawaladar), along with an agreed code for collecting the money. Iqbal's wife picks up 80,000 rupees from the hawaladar in Karachi.

The transaction is simple and efficient by comparison to most of the alternatives. Iqbal pays on one day and his wife picks up the money the next day. Iqbal doesn't need a bank account, no one asks him to fill out elaborate forms or show a government ID number. Nor does he need to deal with an artificial exchange rate set by the Pakistani central bank — a rate of exchange intended to rip off (tax) Pakistanis in foreign countries who are purchasing rupees with their repatriated earnings. Instead, the local hawaladar in Karachi deals on the white market and gets a market-determined exchange rate. (The central bank calls the free market in currencies a "black market," but since the market involves voluntary exchanges between individuals, it should be referred to as a "white market" — or maybe not, depending on your psychological associations with colors.)

Why does the system work? The hawaladars are reliable and trustworthy. As even Interpol observed, "the delivery associated with a hawala transaction is faster and more reliable than in bank transactions." And "the components of hawala that distinguish it from other remittance systems are trust and the extensive use of connections such as family relationships . . ." It takes honest people to run this "illegal" business.

Yet Time magazine has called hawala "a banking system built for terrorism." They accused Dubai of being the hub of the hawala business. But Time gave its game away by ominously noting: "Dubai is a free trade zone with no limitations on the movement of goods or currency."

Dubai, and the Persian Gulf generally, may be the last refuge of laissez-faire capitalism in the world. Yes, there are pockets elsewhere: Hong Kong seems to have survived the takeover by the PRC. And Costa Rica, for all the government's boast of offering a "cradle-to-grave" welfare state, probably is host to the largest percentage of self-proclaimed libertarians per capita of any country in the world. But it's hard to beat Dubai. Here you will find none of the war-mongering socialism of Iraq and Israel.

From the futuristic buildings lining Sheikh Zayed Road to the cozy gold, electronic, linen, you-name-it souks of Deira, this place rocks. I come in at midnight to my apartment overlooking the Gulf, and the Pakistani workers who are constructing a new shop on the ground floor are still hard at work. The main streets are wide, cabs are clean, people are courteous. Dubai has 28 five-star or better hotels, including the top-rated hotel in the world, the Burj Al Arab, which sits in the shape of a large dhow sail on a man-made island offshore, a sail 1000-feet (321 meters) tall, a ship eternally headed inland. There are the free zones of Jebel Ali, with the world's largest artificial port, and the more recent ones of Internet City and Media City. Dubai is about the size of Las Vegas, but a woman can safely walk alone at night pretty much anywhere. Here in Dubai we are living in a Golden Age, but one which, I suspect, will have disappeared in a decade because of U.S. big brother meddling.

No, everything is not perfect. By contrast to the 1990 census which showed that a majority of Dubai native Arabic women aged 15 to 19 were married, in 2000 over 90 percent were still single. That perhaps accounts for the annoying excess of nubile females running around — especially when you add into the picture those foreign beauties from Eastern Europe, Russia, the Philippines, and South Africa. Native Dubai Arabs comprise less than 25 percent of the population, with foreigners from India, Pakistan, the Philippines, South Africa, and a horde of European countries making up the rest. Signs are written in Arabic and English, with more English spoken than Arabic. Internet City has been invaded with the likes of Microsoft, Oracle, IBM, and Network Associates. Microsoft couldn't build a secure computer system if you held a gun to Bill Gate's head; Oracle's Larry Ellison is a fascist who wants to create a national ID database on all Americans; IBM has forgotten how to make a profit; and Network Associates has discontinued support for PGP. Who needs this kind of progress? With the beginning of the new International Financial Center over by the Emirates Tower (the tallest structure in the Middle East and Europe), we'll be seeing the likes of Merrill Lynch, NASDAQ, and Goldman Sachs.

There are other problems. The weekend is on the wrong days: Thursday and Friday, instead of the civilized Saturday and Sunday revealed to us by the Gods of Tom DeLay. And while you can smoke in pretty much any restaurant in Dubai, they have a small hang-up about alcohol. Since non-moslem tourists were believed to be desirous of having a pint now and then, hotels were hospitably given an alcohol monopoly — ordinary restaurants can't sell it. You can buy it at a store, but you have to get a license. I got a liquor license from the Dubai Police Department, but have yet to use it. I find that when I want a drink, I tend to wander over to one of the hotels down the street. Who do they think they are?

What is called hawala in Arabia, is also known as hundi in India and Pakistan, and havala in Iran. The word "hawala" comes from the Arabic root hwl, meaning to "change" or "transform". A traveler's check is called a hawala safir. The Arabic word "hawala" has been adopted into both Hindi (India) and Urdu (Pakistan). The alternative term hundi comes from a Sanskrit root meaning to "collect." A hundi operator is called a hundiwala (recall the dishwalas who sell satellite TV dishes out of corrugated tin shacks in India). In Farsi (Iran) the "w" is pronounced as a "v": havala. Farsi also uses the word saraf, meaning a "money changer" or "money remitter" (i.e. a hawala dealer).

A few days ago the Gulf News, a local Dubai English-language newspaper, carried a large ad: "HAWALA IS ILLEGAL, DON'T RISK IT!" Now, hawala is not illegal here: the ad was referring to the illegality of persons in India receiving hawala payments from Dubai. Because the Indian central bank has said hawala violates exchange control laws. The ad luridly carried two newspaper headline clippings: "US tells India to regularize hawala transactions" and "US treasury nudges India to tackle hawala networks". And who was it that took out the ad, all in great concern and alarm that Indians in Dubai might send money to the folks back home in New Delhi, and upset the poor little U.S. Treasury? Western Union. A rival money-transmitting business. The ad represents the classic case of a business attempting to use government regulation as a whip to drive out the competition. (Click here to see the ad.) What is most absurd about the whole thing is Western Union's invoking of U.S. meddling in India as a behavorial guide for expatriate Indians living in Dubai.

Of course Western Union is just another hawala-type business. In the old days, you took cash to a Western Union office in one city, and had them "telegraph it" to a Western Union office in another city. What happened was the Western Union office in the first city put the cash in its safe. Then they sent a telegram to the second office, with the message: "Give so-and-so this much cash." The thing that moved between the two cities was not the cash, but rather a message that described the value transfer that was to take place in the remote location. Today Western Union maintains bank accounts, and if they need more cash in one place they take it out of the bank. If they have a cash surplus in another place, they take the cash to the local bank, and then send a wire to the place the cash is needed.

The only thing that distinguishes Western Union from hawala is that Western Union is regulated in India. And they are quite happy to help the Indian central bank rip off expatriate Indians by selling them too few rupees for their foreign-earned dirhams, dollars, and other currencies. This, then, is what makes Western Union a great patriot and supporter of the U.S. Treasury.

The first paragraph of the Time article mentioned above, "A Banking System Built for Terrorism" (Oct. 5, 2001), paints a sinister picture: "In the labrynthine depths of old Delhi, where the lanes are too narrow even for a rickshaw, men drink tea and chat in shabby offices. Nobody seems to be doing any work, until the phone rings. Then, numbers are furiously scribbled, followed by some busy dialing and whispered instruction. Although it's far from obvious in the innocuous setting, these men are moving money — to exporters, drug traffickers, tax evaders, corrupt politicians. And terrorists."

Let's rewrite this paragraph, shall we? "In the labrynthine depths of a nondescript floor in Manhattan's Citibank tower, where the aisles between cubicles are too narrow even for a rickshaw, men sip coffee long since gone cold and stale, and chat among themselves across their shabby partitions. Nobody seems to be doing any work, until the phone rings. Then, numbers are furiously scribbled, followed by some busy dialing, whispered instruction, and tapping at the computer keyboard. Although it's far from obvious in the innocuous setting, these men are moving money — to exporters, drug traffickers, tax evaders, corrupt politicians. And terrorists."

Clearly it's time to shut down Citibank.May 13, 2002

J. Orlin Grabbe (RIP) is the author of International Financial Markets and currently devotes his time to computer security, virtual private networks, and data warehousing. He lives in Dubai, in the United Arab Emirates. A series of articles on Dubai is listed here. His home page is located at: http://orlingrabbe.com/ .(

from The Laissez Faire Electronic Times, Vol 1, No 13, May 13, 2002
Editor: Emile Zola Publisher: Digital Monetary Trust

Source:http://freedom.orlingrabbe.com/lfetimes/hawala.htm

1. Hawala - Wikipedia, the free encyclopedia

"Hawala (also known as hundi) is an informal value transfer system based on the performance and honor of a huge network of money brokers, which are primarily ..."
en.wikipedia.org/wiki/Hawala

2. Hawala scandal - Wikipedia, the free encyclopedia

"The Hawala scandal or hawala scam was an Indian political scandal involving payments allegedly received by politicians through hawala brokers, ..."
en.wikipedia.org/wiki/Hawala_scandal

3. Money laundering - The hawala alternative remittance system

"This paper presents a description of the hawala (also referred to as hundi) alternative remittance system. Hawala is an ancient system ..."
www.interpol.int/Public/FinancialCrime/ ... efault.asp

4. The Hawala System

"The reason is the hawala system's alleged role in financing illegal and terrorist activities, along with its traditional role of ..."
www.gdrc.org/icm/hawala.html

5. How Hawala works - Indian Officer

"How does the system work? An initial transaction can be a remittance from a customer (CA) from country A, or a payment arising from some ..."
www.indianofficer.com/forums/economics/ ... works.html

6. Hawala money laundering suspect Naresh Jain held in India | World ...

"British police suspect Naresh Kumar Jain, also wanted in Dubai, US and Europe, laundered millions for organised crime gangs."
www.guardian.co.uk/world/2009/dec/08/in ... kumar-jain

7. In Praise of Hawala, by J. Orlin Grabbe

"In this Federal Reserve transaction we have the essence of the hawala system, a system currently under frontal assault from the U.S. because it is efficient ..."
freedom.orlingrabbe.com/lfetimes/hawala.htm

8. _06.23.03_ The Hawala System in Afghanistan _Maimbo_

"The operational characteristics of hawala in Afghanistan are discussed in Chapter ... In Afghanistan, a registered money exchange dealer can provide hawala ..."
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9. hawala - definition of hawala by the Free Online Dictionary ...

"A system for remitting money, primarily in Islamic societies, in which a financial obligation between two parties is settled by transferring it to a third ..."
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10. hawala - Breaking News, Analysis, Politics, Blogs, News Photos ...

""
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11. Hawala System - Hawala Banking- Hawala Money Transfer - Hawala ...

"A hawala banking system with hawaladars engaged in hawala transactions for hawala money transfers with a hawala network is private and cost efficient."
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12. CBC News Indepth: Banking

"Hawalas are not limited to specific geographic regions, and are found throughout the world. The word hawala means “in trust” in Hindi. ..."
www.cbc.ca/news/background/banking/hawala.html

13. Hawala, or the Bank that Never Was

"Hawala and Hundi are an informal banking network and a bill of exchange, respectively."
samvak.tripod.com/nm104.html

14. BBC NEWS | Business | Hawala system under scrutiny

"The informal network of money exchanges known as hawala has ancient roots, but officials now fear the anonymous system is allowing al Qaeda ..."
news.bbc.co.uk/2/hi/business/1643995.stm

15. BBC NEWS | Middle East | Fears over US hawala crackdown

"Fears are raised that regulation of the hawala system will have a damaging effect on the world's poorest economies."
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16. IBNLive.com > Topics > hawala

"Reportedly Koda amassed over Rs 2000 crore through hawala. ... THE MONEY TRAIL: A multi-crore hawala racket was unearthed in the Capital on ..."
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17. Somali Family Care Network - News

"In recent times, the Hawala has developed into a complex financial transfer system that ... In India, for example, the Hawala system has become part of an ..."
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18. Hawala remittance system and money laundering

"Please can you send resources on the Hawala remittance system? In particular, is it ... The Role of Hawala Remittance Systems in Money Laundering. • Part 3: ..."
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19. Abu Dhabi Declaration on Hawala 1. Recognizing the need to better ...

"The word “Hawala” comes originally from the Arabic language and means transfer or ... The conference participants agreed that Hawala and other informal ..."
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20. Hawala System Money Brokers Transfer Funds Legal Broker

"Hawala (also known as hundi) is an informal value transfer system used ... Hawala is mentioned in texts of Islamic jurisprudence as early as the 8th century ..."
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21. FinCEN Hawala Report - United States - Department of The Treasury ...

"The components of hawala that distinguish it from other remittance systems are ..... Since hawala is a remittance system, this question really addresses ..."
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22. Problems in regulating Hawala

"Hawala is a form of informal banking system in the Indian subcontinent and parts of the Middle-East. In the aftermath of Sept. 11 attacks there have been ..."
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23. Hawala as International Relation: Imperial Command and the ...

"Govind Nayak Department of Political Science University of Minnesota ABSTRACT Hawala as International Relation: Imperial Command and the Politics of Money ..."
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24. Citizen Economists » Hawala Banking And Currency Controls Part I

"On HowToVanish many people have been asking questions in response to an article I posted about hawala banking. It is a great topic and one ..."
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25. Citizen Economists » Hawala Banking And Currency Controls Part II

"If you are unfamiliar with hawala banking then I recommend reading Hawala Banking And Currency Controls Part I to become familiar with the ..."
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26. hawala.net

"Hawala.net. What you need, when you need it. February 7, 2010 | Inquire about this domain. Bookmark this page Make this your homepage. Related Searches ..."
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27. Hawala | Definition of Hawala at Dictionary.com:

"(hə-wä'lə) n. A system for remitting money, primarily in Islamic societies, in which a financial obligation between two parties is settled by transferring ..."
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28. Italy issues notice for hawala accused Jain - dnaindia.com

"Jain, who is seen as a key link between global drug traffickers and terrorist organisations such as the Taliban and al Qaeda, faces a number ..."
www.dnaindia.com/india/report_italy-iss ... in_1341687

29. Hawala and other Informal Payments Systems: An Economic ...

"Hawala is one of several Informal Funds Transfer Systems, .... Press comments on informal systems often note, confusingly, that “hawala can be ..."
imf.org/external/np/leg/sem/2002/cdmfl/eng/wilson.pdf

30. Hawala 2002 Presentations

"The HAWALA Alternative or parallel Remittance System pdf 128 KB ... HAWALA and other Informal Value Transfer Systems How they work and the challenges they ..."
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31. The hawala alternative remittance system and its role in money ...

"Like any other remittance system, hawala can, and does, p ... Hawala (1) is an alternative or parallel remittance system. It exists and ..."
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32. Fiducitation - Hawala Traditional Asian Banking System

"Known as hawala in India, hundi in Pakistan or fei qian in China, Asia's underground banking system is enormous and widespread. ..."
www.fiducite.com/Fiducitations/Fiducita ... System.htm

33. Hawala scam: Another Koda aide surrenders: Rediff.com India News

"Hawala scam: Another Koda aide surrenders| Rediff.com: India news | news columns | interviews & more."
news.rediff.com/report/2009/nov/09/another-koda-aide-surrenders.htm

34. Hawala: criminal haven or vital financial network?

"system of international money transfer known as Hawala. Roger Ballard ... Hawala operations appeared to operate on an impossibly casual basis, and hence ..."
www.casas.org.uk/papers/pdfpapers/iiashawala.pdf

35. Hawala

"Outside the recognized capitalist canons of legitimate trade and banking, an ancient and efficient system of exchange called Hawala has been ..."
www.american.edu/TED/hawala.htm

36. Hawala - Discussion and Encyclopedia Article. Who is Hawala? What ...

"Hawala (also known as hundi) is an informal value transfer system used ... Hawala is mentioned in texts of Islamic jurisprudence as early as the 11th ..."
www.knowledgerush.com/kr/encyclopedia/Hawala/

37. hawala (money exchange system) -- Britannica Online Encyclopedia

"Britannica online encyclopedia article on hawala (money exchange system),"
www.britannica.com/EBchecked/topic/1441833/hawala

38. CBI finds hawala link in Satyam case

"Latest news, breaking news - CBI finds hawala link in Satyam case."
www.indianexpress.com/news/cbi-finds-ha ... se/493436/

39. U.S. Treasury - Office of Terrorism and Financial Intelligence (TFI)

"Iraq - Key Issues, Office of Foreign Assets Control (OFAC) guidelines, sanctions , general licenses, related United Nations information, press releases, ..."
www.ustreas.gov/offices/enforcement/key-issues/hawala/

40. Hawala, an ancient global financial honor-system - Boing Boing

"Hawala is a money-transfer system based primarily in Asia, Africa and the Middle East, based on independent brokers who phone one another ..."
boingboing.net/2007/11/23/hawala-an-ancient-gl.html

41. Hawala racket: Indian accused of terror financing by US

"An Indian businessman with alleged links to underworld don Dawood Ibrahim and al -Qaeda and accused of terror financing by US' Homeland ..."
ibnlive.in.com/news/hawala-racket-indian-accused-of-terror-financing-by-us/102177-3.html

42. Global Politician - Hawala, or the Bank that Never Was

"Their Hawala activity is a sideline or moonlighting operation. ... The Hawala system requires unbounded trust. Hawaladars are often members of the same ..."
www.globalpolitician.com/2882-crime

43. hawala – Dictionary definition of hawala | Encyclopedia.com: FREE ...

"Definition of hawala – Our online dictionary has hawala information from The Oxford Pocket Dictionary of Current English dictionary."
www.encyclopedia.com/doc/1O999-hawala.html

44. Suspected Hawala Kingpin Naresh Jain says he is being trapped

"New Delhi, Sep.25 (ANI): Non-resident Indian businessman and alleged Hawala kingpin Naresh Jain on Friday evening denied being involved in ..."
www.thaindian.com/newsportal/india-news ... 52422.html

45. The Hindu : International / India & World : Hawala link to ...

"WASHINGTON: Cautioning that the 'hawala' money in India is directly linked to terrorist financing, a U.S. State Department report has ..."
www.thehindu.com/2009/03/01/stories/200 ... 791400.htm

46. WikiAnswers - An important aspect of hawala that it is easily ...

"Job Interviews question: An important aspect of hawala that it is easily traceable? false."
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47. Chop, hawala, hundi and other parallel banking | Silkscreen ...

"Some of the money transfer mechanisms (the chop, hawala, etc.) which form the basis of parallel banking were developed to enable the movement of value ..."
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48. Hawala on the streets of London

"Hawala on the streets of London, printer friendly version. Appeared as 'London secret cashtill' in the Evening Standard 24 June 2005 ..."
www.nickkochan.com/docs/articles/Hawala.htm

49. Hawala | English | Dictionary & Translation by Babylon

"Hawala. Dictionary terms for Hawala in English, English definition for Hawala, Thesaurus and Translations of Hawala to English, French, Spanish, Dutch, ..."
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50. Emerald: Article Request - A case study on the misuse of <IT ...

"Purpose – Since 9/11, hawala banking (financial service providers who carry out ... The 12 cases studied (almost all of which concerned the misuse of hawala ..."
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51. Bakaal - Global Money Transfer - Worldwide Hawala

"Sending and receiving money worldwide with Bakaal is easy. With Bakaal worldwide money transfer service you can send and receive money from many of our ..."
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52. Global Jihad - Hawala System

"Hawala (also known as hundi) is an informal money transfer system, used almost solely by Muslims, based on performance and honor of a huge ..."
globaljihad.net/view_page.asp?id=1171

53. The Monetary Future: Hawala: An Early Precursor to Anonymous ...

"What is hawala and how does it work? Hawala operates today as an informal value transfer system outside of the normal, transparent banking apparatus where ..."
themonetaryfuture.blogspot.com/2009/08/hawala-precursor-to-anonymous-digital.html

54. tb » Knights Templar, Hawala & The Origins of Modern Banking

"The subject of Hawala and alternative remittance systems has got my mind going on overdrive. Whenever I learn a nice solid new concept like ..."
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55. The Hindu Business Line : UAE looking at steps to regulate hawala ...

"THE UAE authorities are looking at measures to regulate and supervise the activities of `hawala' middlemen or hawaladars, in a bid to make ..."
www.thehindubusinessline.com/2002/05/29 ... 500600.htm

56. Microsoft PowerPoint - Hawala (CAI).ppt [Read-Only]

"the hawala dealer (who belongs to the same town or city ). Hawala dealer arranges to deliver an ... the worker pays to hawala dealer after receipt of ..."
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57. Found proof of Koda's Rs 400 cr hawala transactions: I-T dept ...

"Income Tax dept claimed that it has found evidence of Rs 400cr 'hawala' transactions linked to ex-Jharkhand CM Madhu Koda."
timesofindia.indiatimes.com/india/Found-proof-of-Kodas-Rs-400-cr-hawala-transactions-I-T-dept/articleshow/5186332.cms

58. The virtues of hawala

"In India, we regard hawala as criminal money-laundering. We think it uses crooked currency traders to smuggle vast quantities of foreign ..."
www.swaminomics.org/articles/20030525_v ... hawala.htm

59. Hawala wire transfer scams

"A hawala (from the Arabic word for "a bill of exchange or promissory note") is a system of brokers that provides paperless banking transactions and enables ..."
wire-transfer-fraud-and-scams.org/hawala-scams.htm

60. Economic Aspects of Hawala Informal Remittances

"Hawala Customer Transactions: remittances to home country. Remittance Senders, Country A ... authorities are counted as part of hawala remittances in ..."
www.cemla-remesas.org/PDF/seminario2009/JhonWilson.pdf

61. IngentaConnect Hawala: An underground haven for terrorists or ...

"In the wake of September 11, authorities have increasingly focused on an age-old method of banking and money transfer known as “hawala. ..."
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62. UAE - Tackling The Hawala Problem. - Free Online Library

"Free Online Library: UAE - Tackling The Hawala Problem. by "APS Diplomat Strategic Balance in the Middle East"; Government International relations Military ..."
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63. 'Hawala King' is arrested after global hunt - Asia, World - The ...

"A man suspected of being one of the world's most prolific underground bankers has been arrested in India after a global manhunt involving ..."
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64. Multi-crore Hawala racket unearthed in Delhi

"The ED on Friday unearthed one of the largest Hawala money-laundering networks in the world after conducting raids at eight locations around ..."
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65. Hawala // BlogCatalog Topic // BlogCatalog

"From crooked politicians repatriating their ill-gotten gains overseas using the illegal hawala system to selling part of the country's defence system. ..."
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66. news.outlookindia.com | CBI Probing 'Hawala' Racket in Satyam ...

"CBI sources said involvement of hawala operators had surfaced during its probe in Satyam fraud since a lot of money was siphoned off from ..."
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67. What does hawala mean? definition and meaning (Free English ...

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68. The Terror Finance Blog: Hawalas Exposed

"In stark contrast to the 9/11 Commission Report that highlighted the significance of hawala to al-qaeda, the 336 page US Department of State ..."
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69. Amazon.com: Regulatory Frameworks for Hawala And Other Remittance ...

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70. Hawala: Facts, Discussion Forum, and Encyclopedia Article

"I am confused about the distribution of funds through hawala. Where does the hawala broker obtain the funds for distribution to begin with? It is one. ..."
www.absoluteastronomy.com/topics/Hawala

71. Naval Postgraduate School - Following the Terrorist Informal Money ...

"Following the Terrorist Informal Money Trail: The Hawala Financial Mechanism. ... In essence, Hawala is a transfer or remittance from one party to another ..."
www.nps.edu/Academics/centers/ccc/publi ... hAsia.html

72. Historical Traces of Hundi, Sociocultural Understanding, and ...

"Hawala is a consequence of a number of factors, such as poor banking ... The article highlights legal, illegal, and criminal abuses of Hawala. ..."
icj.sagepub.com/cgi/content/refs/16/2/99

73. THE NEXUS OF DRUG TRAFFICKING AND HAWALA IN AFGHANISTAN

"to build a qualitative story of the nexus between drugs and the hawala system together ..... between drug trafficking and the hawala system in Afghanistan, ..."
siteresources.worldbank.org/SOUTHASIAEXT/Resources/Publications/448813-1164651372704/UNDC_Ch6.pdf

74. Drugs, terrorism, hawala, and the Central Asian diaspora - Iran ...

"Beyond the strident headlines, there are structural economic drivers of societal and governmental change in Central Asia, including Pakistan, ..."
www.zimbio.com/Iran+Online/articles/62/ ... n+diaspora

75. The Hindu : National : Hawala operations helping mafia, says Kodiyeri

"THIRUVANANTHAPURAM: Home Minister Kodiyeri Balakrishnan told the Legislative Assembly on Tuesday that hawala transactions of thousands of ..."
www.hindu.com/2007/07/25/stories/2007072558281000.htm

76. Koda Gives Statement | Denies Role | Hawala Scam | Enforcement ...

"Ranchi, Jan 28: Former Jharkhand chief minister Madhu Koda has denied his role in the multi-crore illegal investments and hawala case ..."
news.oneindia.in/2010/01/28/hawala-scam-madhu-koda-denies-wrong-doing.html

77. Hawala: Based on Trust, Subject to Abuse

"hawala is complex and demands a practical understanding of the environment in each country where hawala dealers work. Regulation should attempt not to ..."
www.ciaonet.org/olj/ep/ep_sep04/ep_sep04g.pdf

78. 'Hawala King' Naresh Jain arrested in India - Telegraph

"A man suspected of being one of the underworld's most prolific bankers - who is believed to have a client list ranging from British ..."
www.telegraph.co.uk/news/worldnews/asia ... India.html

79. Flipkart.com: Hawala: Sebastian R. Mueller: Books Buy Hawala India ...

"Buy Hawala in India. FREE Shipping. Price:Rs.2176 on Hawala by Sebastian R Mueller. Book Review of Hawala. 3865506569 After the horrible attacks on ..."
www.flipkart.com/hawala-sebastian-muell ... bkz3fg6akd

80. How hawala money is used to fund terror

"The Financial Intelligence Unit last month marked 200 transactions in India -- running into Rs 2000 crore -- as terror-financed."
www.rediff.com/news/2009/mar/06how-hawa ... terror.htm

81. Kashmir's hawala scandal

"Frontline also explored persistent allegations that the funds received by key Hurriyat leaders through hawala channels were intended to fund ..."
www.hinduonnet.com/fline/fl1417/1417s001.htm

82. fadwa ben hawala - LinkedIn

"View fadwa ben hawala's professional profile on LinkedIn. LinkedIn is the world's largest business network, helping professionals like fadwa ben hawala ..."
www.linkedin.com/pub/fadwa-ben-hawala/14/911/547

83. 'World hawala king' Naresh Jain held- Hindustan Times

"Naresh Chandra Jain, the alleged head of a global hawala racket of over Rs 5000 crore, was arrested on Sunday by the Narcotics Control Bureau and the ..."
www.hindustantimes.com/News-Feed/india/ ... 83720.aspx

84. India arrests "Hawala" kingpin

"NEW DELHI, INDIA - India has arrested an alleged kingpin of the international " Hawala" informal money transfer system after a joint ..."
www.asiaone.com/News/Latest+News/Asia/S ... 84708.html

85. Suspected Hawala Kingpin Naresh Jain says he is being trapped

"Suspected Hawala Kingpin Naresh Jain says he is being trapped - Non-resident Indian businessman and alleged Hawala kingpin Naresh Jain on ..."
www.andhranews.net/India/2009/September ... -30607.asp

86. Hawala bashing: The arrogance, stupidity | Samizdata.net

"The idiots seem to completely miss the point about why people use hawala (or Chinese ... Do terrorists use hawala? Probably. So do millions of other people. ..."
www.samizdata.net/blog/archives/001539.html

87. Hawala — Social Edge

"The components of hawala that distinguish it from other remittance systems are trust and the extensive use of connections such as family relationships or ..."
www.socialedge.org/features/resources/b ... ing/hawala

88. Modern Hawala

"Modern Hawala - Reading time: 5 – 8 minutes Hawala is a way to privately transfer funds and complete many other transactions. Its positive attributes far ..."
www.bloggersbase.com/business-and-finan ... rn-hawala/

89. Terrorists Transfer Money Through Hawala, Not SWIFT

"Hawala is much faster than a normal bank transfer. Originally devised as protection against the dangers of traveling with gold and precious stones and other ..."
archive.newsmax.com/archives/articles/2006/7/1/163908.shtml

90. Hawala: how does this informal funds transfer system work, and ...

"SINCE the September 11, 2001, terrorist attacks on the United States, public interest in informal systems of transferring money around the ..."
goliath.ecnext.com/coms2/gi_0199-913744/Hawala-how-does-this-informal.html

91. 'Hawala' and the middlemen -DAWN - Business; November 24, 2008

"Our banking system (a formal system) relies on 'hawala' (an informal system) to control for the moral hazard of borrowers. ..."
www.dawn.com/2008/11/24/ebr12.htm

92. Mr. Q and National Security : His Hawala Connection More Important ...

"The Bofors case is unique neither because of corruption nor because it was covered up. It is significant because it exposes India s ..."
boloji.com/myword/mw068.htm

93. Jain Hawala Case: Clueless investigators, subverted state, The ...

"The infamous Jain hawala case and the Indian establishment's persistent refusal to ... A close look at the informal channels of hawala funds in India would ..."
www.milligazette.com/Archives/15082002/1508200258.htm

94. Hawala

"This article explores the origin and nature, the use of, and the possible strategies to eliminate or emasculate the Hawala money transfer ..."
www.ck-magazine.com/hawala.asp

95. Search Results >> hawala

"The ED hogged the media headlines for days together in connection with the multi crore illegal investments and hawala case against Koda and his former ..."
www.business-standard.com/india/search_ ... ct=keyword

96. File:Hawala.png - Wikimedia Commons

"Deutsch: Beispiel zum Hawala-Banksystem: Person A will an Person B via die " Hawaladars" X und M Geld transferieren. ..."
commons.wikimedia.org/wiki/File:Hawala.png

97. Hawala: An Informal Payment System and Its Use to Finance ...

"Hawala: An Informal Payment System and Its Use to Finance Terrorism: Amazon.de: Sebastian R. Müller: Englische Bücher."
www.amazon.de/Hawala-Informal-Payment-F ... 3865506569

98. Hawala money in India linked to terrorist financing: US - Express ...

"Washington Cautioning that the 'hawala' money in India is directly linked to terrorist financing, the US has suggested to New Delhi to ..."
www.expressindia.com/latest-news/Hawala ... US/429240/

99. HVK Archives: Advani in Hawala scam: Finale of a frame-up

"charge of corruption against Mr LK Advani in the Hawala case. A ... paid out and Mr Advani received the alleged Hawala cash of Rs 35 lakh. The ..."
www.hvk.org/articles/0497/0167.html

100. Hawala money transfer - India Travel Forum | IndiaMike.com

"Just heard a fascinating account of Hawala. I had no idea, but knew something was up from the days when India was really tight about exchanging rupees."
www.indiamike.com/india/chai-and-chat-f ... fer-t4671/




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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.



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