Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: tekboy who wrote (2403)	10/3/2001 1:24:11 PM
From: FaultLine	Read Replies (3) \| Respond to of 281500

neat piece on the Islamic version of "Western Union," from today's Times... tb, send the FADG Party Fund some cash so we can see how the hawala system works... --fl@thatwouldbec/ome.com

To: tekboy who wrote (2403)	10/3/2001 3:51:10 PM
From: ratan lal	Read Replies (1) \| Respond to 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.