In Remittance Crackdown, Legitimate Firms Thrive

March 2004
Bank Technology News;Mar2004, Vol. 17 Issue 3, p26
Trade Publication
Reports on the global crackdown on informal money transfer systems. Most well known of untraceable, informal money transfer systems, called hawalas in the Middle East and parts of Asia; Details on how hawalas work; Question for financial institutions that operate in the U.S. and abroad on whether the global crackdown on informal systems might steer more business to regulated remittance networks.


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