Central Banking

UAE cb governor says abuse of hawala must stop

UAE - The global financial community must deliver practical solutions to the challenges facing the hawala (unofficial) system of money transfer, Sultan bin Nasser Al Suwaidi, the UAE Central Bank Governor, has urged.

"We need to ensure that the hawala system can be used by those who have legitimate reasons for doing so and that those who want to abuse the system for illegal transactions can be identified and stopped by the authorities," Al Suwaidi said on the eve of the two-day international c

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