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Open Access. Powered by Scholars. Published by Universities.®

Banking and Finance Law

University of Pennsylvania Carey Law School

Prize Winning Papers

2016

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There And Back Again, A Smuggler’S Tale: Hawala And Money Laundering In The Greater Philadelphia Area, David Marshall Block Jan 2016

There And Back Again, A Smuggler’S Tale: Hawala And Money Laundering In The Greater Philadelphia Area, David Marshall Block

Prize Winning Papers

This paper seeks to explain the extralegal contractual relations governing Hawala and other related informal financial transfer systems (IFTS). Hawala, and other IFTF’s, have faced a regulatory onslaught in the aftermath of the terrorist attacks of September 11, as well as competitive pressures from traditional money transfer systems. Despite these competitive pressures, IFTS’s still occupy a major market position in the money transfer market place, in particular amongst Asian and African immigrant communities in the Western world. Two recent academic papers have theorized what governs the extralegal contractual relations of Hawala, but no literature has been developed based on a …