“A hawala (or fei qian) is a simple network set up to transfer funds internationally, usually using a member of an extended family or personal friend on both sides of the network (though a few larger hawalas are almost like banks).  In fact they are an excellent example of highly successful, completely unregulated, handshake based international capitalism. Hence is it hardly surprising so many people in government do not like these networks as it gives lie to all the smug claims about the supposed superiority of the West’s regulated international financial systems.”

http://www.samizdata.net/blog/archives/001539.html

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