TITLE

The Invisible Bankers

AUTHOR(S)
Freedman, Michael
PUB. DATE
October 2005
SOURCE
Forbes Asia;10/17/2005, Vol. 1 Issue 5, p24
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article examines the use of the informal system of transferring funds that is widely practiced in the Middle East called hawala for financing terrorists and money laundering. Between 1995 and 2003, Yemeni immigrant Abad Elfgeen and a group of family members, friends and associates sent $22 million by way of a JPMorgan Chase bank account to countries all over the world, including Pakistan, Thailand and Yemen. INSET: Keeping Cash Clean.
ACCESSION #
20957210

 

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