Informal Value Transfer System as Terrorism Financing and Money Laundering Tool: The Case of Hawala (Terörizmin Finansmanı ve Karapara Aklama Aracı Olarak Gayri Resmi Değer Transfer Sistemleri: Hawala Örneği)

Ali Yurdakul
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Ali Yurdakul: Turkish National Police Academy

Business and Economics Research Journal, 2021, vol. 12, issue 4, 829-841

Abstract: Terrorism has grown tremendously in the last few decades and has become a serious threat to international peace and security. Determining the financial transactions of criminal and terrorist organizations is an important activity for the fight against terrorism. The study aims to clarify the use of informal value transfer systems and the measures that can be taken in the financing of terrorism and money laundering. The findings of this study are as follows; Following the terrorist events of September 11, 2001, informal value transfer systems came under pressure to regulate and control. Hawala, an alternative traditional remittance method often used by immigrant families to transfer money, has been found to be vulnerable to abuse by criminal organizations and terrorist groups. While making arrangements for the informal value transfer system, it is important that the service provision to those who use these systems is maintained without interruption. For this reason, it has been concluded that it is important to synchronize economic factors, development, prevention of crime and terrorist use in regulations for informal value transfer systems.

Keywords: Terrorism; Terrorism Financing; Money Laundering; Hawala; FATF; Control of Financial Flows (search for similar items in EconPapers)
JEL-codes: E26 F55 H56 O17 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ris:buecrj:0575

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