Sentences with word «hawala»

«This RBI's decision might encourage hawala trading or illegal remittances and keep bitcoin / crypto trading out of the purview of income tax authorities which was difficult to do earlier — Exchanges asks for proper KYC for any customer to buy / sell crypto from their platform, now people will find alternative ways to do that — Some exchanges are even thinking to move out of the country (many have already planned),» he adds.

According to recent reports, Intelligence Agencies in India have just issued an official report stating that virtual currencies such as Bitcoin can be used for the funding of illegal activities, by people who also move their funds through hawala transactions.

To design Abra we turned to the traditional Hawala model.

The system being used is called hawala, under which dealers take in payments in Dubai and pay out in Iran through their connections.

The ISI (Pak intelligence), Pak army and mullahs are responsible for maintaining this ideal condition with critical funding from various charity through hawala network, US money laundered or siphoned off, also incl.

In A Man Of Good Hope, many monetary transactions are carried out by the informal system known as hawala.

Traditional Hawala's are generally illegal in the United States as no one is allowed to hold or remit funds on behalf of someone else without being a licensed money transmitter both with FinCen (the Financial Crimes Enforcement Network) and with the US State regulators where the consumers» reside.

Moreover, if the Islamic State needed to finance itself with donations it can rely on the traditional underground money transferring in the Middle East — Hawala.

The dealers were licensed by UAE authorities and while the hawala trade initially did not appear to violate any regulations, new restrictions are reportedly complicating it.

The concept of a Hawala dates back to the 8th century.

While the system made headlines shortly after 9 - 11, where it was alleged that hawala was used to make money transfers to the terrorists (an allegation that was later disproved), hawala has been around since the Middle ages.

How does a hawala transfer work?

At its most basic, hawala is a method of money transfer that is used to send remittances without using standard channels such as banks.

Initiatives such as Whisper protocol layer should help enable degrees of anonymity and hawala - style communication practices within and between users and distributed applications.