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Politics : Foreign Affairs Discussion Group
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To: tekboy who wrote (2403)10/3/2001 3:51:10 PM
From: ratan lal  Read Replies (1) of 281500
 
The use of Hawala is very common in that part of the world. Millions of Dollars are exchanged at varying interest rates and charges with nothing more than a notation on a 1 square inch piece of paper. All based on trust. No signatures no witnesses no courts. Its a better system than the banks here but is conducted only amongst people who know one another and their thousands of relatives and friends.

A United States Treasury Department study identified hawala as the principal means of money laundering from drug trafficking and other crimes in Pakistan.

RIDICULOUS since MAJORITY of ALL transactions, including drug money and laundering, take place on the hawala system. But this is a well known fact and the use of hawala is very common for all transactions. This is how stupid even high ranking treasury people can be about things they dont understand or things that fit into their nice little mold.

If you had a business and needed cash for short term, u would use the hawala instead of going to the bank and filling out millions of pieces of paper and spending months to get approval. Its the same as 'factoring' in this country. Of course people understand the word 'factoring' so its ok but a hawala - oh no- money laundering and drug smuggling. STUPID.
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