• Sanctioned Russian oligarchs may resort to payment systems like those used by terrorists, experts say

    10 days ago - By Business Insider

    Hawala transactions are used by migrant workers for legitimate purposes due to its cheaper cost. Alashi/Getty Images
    Hawala is an underground payment system that lets users make undocumented transactions.
    It has been linked to terrorist financing but is also used for legitimate purposes.
    Experts say oligarchs using Hawala would have to make hundreds of small transactions.
    Russian oligarchs may be using informal trust-based payment systems known as Hawala to evade Western financial sanctions in a move that is not illegal but reflects their desperation , experts say. Hawala lets funds be...
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