6 Hawala operators fined Dh350,000 in UAE

  DUBAI – Six Hawala operators in the UAE have been fined by the Central Bank for violating the country’s anti-money laundering laws, according to the authority on Wednesday (December 15). Hawala is a traditional money transfer system used by some expatriates to send money to their families; cash is paid to an agent who arranges for payout to the recipient in their home country. The UAE Central Bank said that the Hawala providers did not register with the authority before the December 2 deadline. The UAE Central Bank said that the six violating Hawala operators were fined Dh50,000 each, with one Hawala provider fined an extra Dh50,000 for repeat violation. The regulator has tightened its anti-money laundering and anti-terror funding regulations, asking all Hawala providers to abide by UAE laws and Central Bank regulations. On Hawala, the UAE Central Bank is asking operators to be transparent as there is no record of the transaction, making it proe to misuse for money laundering or terrorist funding. ICA/Expat Media
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