The
Hawala and Chinese networks in Asia, the Black Market Peso Exchange
(BMPE) in Latin America, other evolving courier systems in Eastern
Europe (mainly in Russia, Ukraine, and Albania) and in Western
Europe (mainly in France and Spain).
In conjunction with encrypted e-mail and web anonymizers, these
networks are virtually impenetrable. As emigration increases,
diasporas established, and transport and telecommunications become
ubiquitous, "ethnic banking" along the tradition of the Lombards and
the Jews in medieval Europe may become the the preferred venue of
money laundering. September 11 may have retarded world civilization
in more than one way.
Hawala, or the Bank that Never Was
I. OVERVIEW
In the wake of the September 11 terrorist attacks on the USA,
attention was drawn to the age-old, secretive, and globe-spanning
banking system developed in Asia and known as "Hawala" (to change,
in Arabic). It is based on a short term, discountable, negotiable,
promissory note (or bill of exchange) called "Hundi". While not
limited to Moslems, it has come to be identified with "Islamic
Banking".
Islamic Law (Sharia'a) regulates commerce and finance in the Fiqh Al
Mua'malat, (transactions amongst people). Modern Islamic banks are
overseen by the Shari'a Supervisory Board of Islamic Banks and
Institutions ("The Shari'a Committee").
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