Dissertation/Thesis Abstract

A global study of hawala targeting regulations
by Pamer, Karen, M.S., Utica College, 2016, 76; 10153553
Abstract (Summary)

This research focused on hawala regulations in multiple jurisdictions, strategies of international bodies to mitigate illicit transfers, and implementation of a standardized approach to monitor money remittances. Transfer mechanisms used to remit funds internationally appeal to individuals, organized crime groups, terrorist financiers, and money launderers. Literature reviewed consisted of government studies, financial body reports, media articles, and peer-reviewed journals. Evaluation of different methodologies and the Financial Action Task Force’s supervisory controls was completed. It was determined that economic pressure may impact financial networks and encourage compliance if regional government bodies have the necessary authority to enforce regulations. Research revealed recommendations for education programs to aid jurisdictions in setting up financial intelligence units, developing statutes tailored to their economies, and enforcement of supervisory controls. This report further suggested accountability amongst jurisdictions to reduce the ability of criminals and terrorist financiers to move their financial activities to areas with lax enforcement and corrupt governments that do not enforce regulatory recommendations. It also encouraged tracking financial activity and implementing licensing requirements to mitigate de-risking of high-risk customers with the provision of education to customers and third-parties through formal financial institutions. Reduction of unlicensed money remittances and mitigation of illicit funding benefiting organized crime and terrorism is the ultimate goal.

Indexing (document details)
Advisor: Pantani, Paul
Commitee: Frangos, Thaedra
School: Utica College
Department: Economic Crime Management
School Location: United States -- New York
Source: MAI 56/01M(E), Masters Abstracts International
Subjects: Economics, Finance, Banking
Keywords: Alternative remittance systems, Compliance, Economic crime management, Financial action task force, Financial crime and compliance, Hawala, IVTS, Informal value transfer systems, Unlicensed money remittance
Publication Number: 10153553
ISBN: 978-1-369-08688-1
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