Hawala

Hawala (Arabic: حوالة‎, meaning transfer), (also known as hundi) is an informal value transfer system based on the performance and honor of a huge network of money brokers, which are primarily located in the Middle East, North Africa, the Horn of Africa, and South Asia. It is basically a parallel or alternative remittance system that exists or operates outside of, or parallel to traditional banking or financial channels.

Read more about Hawala:  Origins, How Hawala Works, Post 9/11