VOL. XLV
No 45
11-November-2002
UAE
UAE To Register Hawala Brokers And Record Transactions
The Central Bank of the UAE has taken the first step towards regulating the hawala system by introducing registration and reporting requirements for hawala brokers (known as hawaladars). The hawala system, which is widely used by low-income expatriate Asian workers to remit money to relatives in their home countries, came under the spotlight following the 11 September attacks on the US when it emerged that...
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