UAE cb planning supervisory system for hawala

UAE - The Central Bank of the United Arab Emirates is devising a licencing and supervisory system for hawala, the unofficial channel for money transfer going mainly to the Indian subcontinent.

"The new system will be submitted to the Bank's board of Directors in consultation with the National Committee for Anti-Money Laundering and authorities concerned," Sultan bin Nasser Al Suweidi, governor of the central bank told reporters in Abu Dhabi.

The unaccounted money transactions through hawala f