Question

create a flowchart that outlines how the Hawala system operates and its specific functions. Your flowchart should illustrate the following essentials at a minimum: funds, settlement, and information.

What is the purpose of using Hawala?

• Why use Hawala?
• Does using Hawala benefit terrorist groups in financing? Why or why not?
• Why is it important to counter Hawala financial actions?
• Outline three methods to counter Hawala transactions.

Answer 1

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Flowchart of Hawala system:

What is the purpose of using Hawala?

Transferring money using money or transferring real funds across foreign borders, but in certain countries it could be in violation of currency transfer regulations. It is a network focused on long-term trust relationships, and the assurance that for all debts each dealer is impeccably reliable.

Why use Hawala?

Money without records runs. Money quickly traverses international boundaries. It's confidence dependent, and there are long-term partnerships in place. It's quick to barter money for contraband. There are no tax reports.

Does using Hawala benefit terrorist groups in financing? Why or why not?

Yes, it does in my opinion. If terrorist groups use this system the money that have can’t be traced.

Why is it important to counter Hawala financial actions?

Cut off the terrorist group’s source of money, then groups run into a problem.

Outline three methods to counter Hawala transactions.

(i) Stop the exiting money.

(ii) Keep Law Enforcement involved.

(iii) When the money remerges crack down on the terrorist group.