UAE to license 'hawala' operators

UAE - The UAE central bank will soon set up a licensing and supervisory system for 'hawala' operators in the country.

"The board studied the main themes of a licensing and supervisory system in the UAE which would be implemented in the near future," the bank said in a statement issued after a meeting of the board of directors yesterday.

The decision follows a review of a memorandum on the recent international conference on 'hawala' hosted by the UAE on May 15 and 16, it said.

The international