hawala
noun /həˈwɑːlə/
/həˈwɑːlə/
(also havala)
[uncountable]- (in Arab countries and South Asia) a traditional system of transferring money to a person in another country or area, which involves paying money to an agent who then tells another agent in the relevant place to pay that person
- He is believed to have moved money to Iraq by hawala.
- Many organizations in the region use hawala to avoid the banking system.
- She was arrested for her involvement in hawala transactions to fund militant activities.