Spotlight on ‘Underground Banking’

Published date01 March 1995
Date01 March 1995
DOIhttps://doi.org/10.1108/eb025711
Pages204-208
AuthorAlan Lambert
Subject MatterAccounting & finance
Journal of Financial Crime Vol. 3 No. 2 Modus Operandi
MODUS OPERANDI
Spotlight on 'Underground Banking'
Alan Lambert
Underground banking docs not refer to cash dis-
pensers in subterranean shopping centres. It refers
to that secretive and mysterious global structure
for facilitating the transfer of funds between coun-
tries,
otherwise referred to as 'Hawalla' banking.
There arc many people throughout the world
employed in legitimate banking circles and law
enforcement
and no doubt elsewhere who
have never heard of the expression Hawalla bank-
ing, and have no idea what it means. While the
writer might claim to have a basic understanding
of the main principles, there are a number of
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