IMF calls for regulating 'hawala' transfers

UAE - The International Monetary Fund (IMF) on Wednesday called on the informal system of overseas money transfers known as "hawala" to be regulated in the interests of the world economy.

"Countries should find a way to legitimise and supervise 'hawala' operators and offer them an opportunity to carry on," IMF senior economist Mohammad-el-Qorschi told a two-day international conference on 'hawala' in Abu Dhabi. "They should be brought to the surface and not pushed underground, which is not in

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