hawala

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How Iran Is Working Around Sanctions

Sticks to couriers, trading firms in other countries: US Treasury

(Newser) - Iran is managing to sneak around heavy economic sanctions using other countries' private trading houses, fake identities, and something called hawala, the US Treasury tells reporters. The sanctions have left the country "almost without recourse through ordinary banking channels," says a spokesman. So Iranian officials are in some... More »

Man Charged With Funding Times Square Bomber...

...Without realizing he was doing it

(Newser) - A New York man was arrested today for unwittingly funding the attempted Times Square bombing with his unlicensed banking service. Police say 44-year-old Mohammad Younis ran an informal “hawala” banking service, using wire transfers couriers and overnight mail to move money around. He allegedly provided thousands to Faisal Shahzad,... More »

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