UAE to license 'hawala' operators
"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 conference held on hawala was attended by more than 300 government officials, bankers, legal and law enforcement agency representatives and customs officials from 58 countries.
At the conference the UAE forwarded the view that hawala operations were cheaper alternatives to the banking system and served a large swathe of low income people, particularly from the Indian subcontinent.
UAE argued that it may not be practical to ban the practice but to regulate its operation.
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