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hawala

Line breaks: ha¦wala
Pronunciation: /haˈwɑːlə
 
/

Definition of hawala in English:

noun

[mass noun]
A traditional system of transferring money used in Arab countries and South Asia, whereby the money is paid to an agent who then instructs an associate in the relevant country or area to pay the final recipient.
Example sentences
  • U.S. aid and a crackdown on invisible hawala money transfers lifted Pakistan's economy.
  • To move large sums of money, they can avoid the banking system by using hawala money movers or couriers.
  • Money laundering in the Indian Ocean basin relies upon a traditional alternative banking system known as hawala or hundi, which makes it difficult to trace money transfers.

Origin

from Arabic ḥawāla, literally 'assignment, bill of exchange'.

Definition of hawala in:

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