FLASH
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Since SPAK has not been able to identify the amounts moved, it has started the property verification of the accused and their family members. For this reason, letters were sent to Hipoteka and banks...
The Special Prosecutor's Office has discovered that Ervin Mata's group used an old method to make the large circulation of drug money. Since it is impossible to move such a large amount of money through the banking system, they have used the so-called "Hawala" system.
Hawala is an informal method of transferring money without actually moving physical money. It is described as a "money transfer without cash movement".
Hawala is used today as an alternative channel mainly for remittances that exist outside of traditional banking systems. Transactions between Hawala brokers are done without signing anywhere because the system is based only on mutual trust. It is enough to have two Hawalas and someone who will transfer the money gives the amount to one, while the other person who is in Albania, for example, delivers the same amount where the sender asks for it. So the money doesn't move, the hawala agents just take the money and the percentage they want and put their money to work.
According to the sources, since SPAK has not been able to identify the amount moved, it has started the property verification of the accused and their family members. For this reason, letters have been sent to Hipoteka and banks to collect data on bank accounts and real estate properties.
How does the "Hawala" system work?
Hawala originated in South Asia during the 8th century and is used today all over the world, especially in the Islamic community, as an alternative means of making fund transfers.
Unlike the conventional method of transferring money across borders through wire transfers, hawala money transfer is organized through a network of hawaladars or hawala merchants.
Hawala merchants maintain an informal journal to record all credit and debit transactions in their accounts. Debt between hawala traders can be settled in cash, property or services. A hawaladar who does not follow the agreement will be labeled as one who has lost honor and will be expelled from the network or region.
Migrant workers, who often send remittances to relatives and friends in their home countries, find the hawala system advantageous. Hawala facilitates the flow of money between poor countries where formal banking is too expensive or difficult to access.
Hawala and illegal activities
The very features that make Hawala an attractive avenue for legitimate clients also make it attractive for illicit uses. Thus, Hawala is often referred to as underground banking. This is because money launderers and terrorists take advantage of this system to transfer funds from one country to another.
Additionally, corrupt politicians and the wealthy who would prefer to avoid taxes use Hawala to anonymize their wealth and activities. Money generated from business transactions that are not recorded cannot be taxed.
Hawala is also used to finance terrorism, which makes it more difficult to stop terrorism. A big part of detecting terrorist cells involves tracking the movement of money, as terrorist organizations are funded and need money to buy weapons and feed their people. Hawala transactions make this movement of money easy as there is no paper trail from the source of funds to the terrorist organization. / Pamphlet
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