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Purpose This paper aims to examine the current situation in Afghanistan after the rapid withdrawal of US troops and the Taliban takeover of the country, and how this has shed new light on the financing of terrorism. Design/methodology/approach Informal interviews were conducted with alleged perpetrators as well as formal interviews with compliance experts to further investigate the subject of terrorist financing in the wake of the latest changes in Afghanistan and terrorist financing through hawala banking. The interviewees were analysed through a qualitative analysis. Findings Based on the interviews, it was concluded that both illegal and legal sources of income could be used by terrorist financiers. This study also shows why hawala represents a significant challenge for counter-terrorist financing policies. Originality/value While existing literature sufficiently links parallel banking systems, such as hawala, to terrorist financing, this study shows the implications for Switzerland’s perceived commitment against financial crime in light of current changes in Afghanistan, and in addition, certain dogmatic weaknesses of Article 260quinquies of the Swiss Penal Code are critically analysed.

The paper describes the operational characteristics of hawala in Afghanistan. It describes the system’s geographic characteristics, convenience, effectiveness, cost, and its relationship with the formal financial system. It case studies of the domestic transfer of development funds by international aid institutions and nongovernmental organizations to discusses the hawala system’s benefits as well as the operational characteristics that make it vulnerable to abuse. Finally, its presents the authors conclusions on the developmental role of informal financial institutions in the Afghan financial system; the implications for financial management practices of donor-financed development programs; and the regulatory and supervisory options for DAB.

Focusing on the case of the Hazaras, a population from central Afghanistan, this book shows how migration studies and transnationalism are at the heart of theoretical and methodological debates which animate anthropology.

In the wake of September 11, authorities have increasingly focused on an age-old method of banking and money transfer known as \"hawala.\" In this system, a local hawala dealer in one country (or area) takes money from a customer and (for a nominal commission) has an associate in another country (or area) give an equal amount of money to the recipient. This type of underground banking system remains resilient due to several key characteristics. These are: the system's simplicity, its inclusiveness (enabling it to function without any type of external support), and most importantly, its considerable prominence within, and adherence upon specific cultural and religious spheres. This article provides an overview of hawala banking, together with the historical and cultural milieu that gave rise to, and continues to foster it. It suggests that while Islam addresses the issue of debt transfer through the Islamic concept of hawala, the system is widely practiced through many parts of the world by both Muslim and non-Muslims alike. Therefore, to refer to the practice as wholly \"Islamic\" is erroneous. This study also demonstrates that the initiatives taken towards regulation and/or elimination of hawala are ill suited to deal with the operation of this particular system. This failure particularly reflects the lack of appreciation, on the part of authorities and policy-makers, for the broader social and cultural context in which hawala opearates. A more insightful understanding of the system will address such issues as competing legal paradigms, the local appeal of the system, as well as the likely negative consequences of current regulatory efforts. Thus, any attempts at regulating hawala should ensue with great cultural and religious sensitivity, and should address some of the larger issues that continue to uphold the system, such as the existence of inadequate economic infrastrcture in such nations as Afghanistan and Somalia. [PUBLICATION ABSTRACT]

Purpose - The purpose of this paper is to highlight criticism of attempts to impose regulations on hawala and other informal value transfer systems (IVTSs), in light of their importance in the lives of people in the most vulnerable sectors of global society.Design methodology approach - Review of scholarly, public-policy, and legal literature on hawala and other IVTSs.Findings - Most attempts to regulate hawala and other IVTSs seem redundant of existing regimes, or, worse, unreasonably punitive when their social utility is considered.Originality value - A contribution to the debate on the supposed need to regulate hawala and other IVTSs favored by the poorest and most vulnerable sectors of global society.

Purpose - The purpose of this research paper is to consider the unique and even positive nature of hawalas and other informal fund transfer systems (IFTs) in the developing world.Design methodology approach - Reviewing primary and secondary reports from national regulators, international organizations, and academics, the paper questions the conventional view that IFTs should be subject to extensive regulation and scrutiny because they have been abused by some participants. Many positive characteristics of hawalas - speed, transaction cost, cultural convenience, and versatility - also contribute to their abuse. The paper examines the modern uses of hawalas, including legitimate - remittances from migrant workers, humanitarian and emergency aid, personal investments - and illegitimate - money laundering, terrorist financing, tax and customs evasion, circumventing exchange controls - applications. The paper then discusses legal issues involving IFTs in developing and developed countries, discussing factors the international community should consider when designing regulatory systems. The paper reviews developing world IFT regulation in the UAE, Afghanistan, Somalia, the Eastern and South African Anti-Money Laundering Group, and Columbia, and developed world regulation in The Netherlands, the UK, and the USA.Findings - The paper concludes that IFTs are robust in jurisdictions where formal banking systems are absent or weak, or where structural obstacles distort foreign exchange and other financial markets.Originality value - Looking forward, the paper considers, inter alia, licensing or registration requirements and the rationale for choosing one over the other, and the need for competent authority due diligence on IFT operators.