Physical Sciences and Mathematics Commons^™

The Battle For Money Transfers: The Allure Of Paypal And Western Union Over Familial Remittance Networks, David Cook, Timothy Smith

David M Cook

Informal Money Transfer systems continue to provide importunate loopholes in the global wrestle against terrorism. Radical cells, as well as broader criminal networks, maintain their use of Hawala systems, but do so in concert with other informal transfer systems, largely to sidestep the regulatory and administrative management of formally institutionalized worldwide money transactions. At a time when financial acts are globally regulated under the Basel Accord and other global instruments, the enduring use of Informal Value Transfers (IVTs) in Australia is cause for mounting unease. To concentrate on the informal money transfer system known as Hawala, is to overlook much …