Research Article Open Access

The Informal Funds Transfer System “Hawala” as a Segment of the Shadow Economy: Social Impact Assessment and Framework for Combating

Bakhyt Moldatjaevich Nurgaliyev1, Kanat Sametovich Lakbayev1, Alexey Vladimirovich Boretsky1 and Aiman Kudaibergenovna Kussainova1
  • 1 Karaganda “Bolashak” University, Kazakhstan
American Journal of Applied Sciences
Volume 12 No. 12, 2015, 931-937

DOI: https://doi.org/10.3844/ajassp.2015.931.937

Published On: 22 November 2015

How to Cite: Nurgaliyev, B. M., Lakbayev, K. S., Boretsky, A. V. & Kussainova, A. K. (2015). The Informal Funds Transfer System “Hawala” as a Segment of the Shadow Economy: Social Impact Assessment and Framework for Combating. American Journal of Applied Sciences, 12(12), 931-937. https://doi.org/10.3844/ajassp.2015.931.937

Abstract

The research considers the problems of social impact assessment in the informal funds transfer systems based on the principles of the ''hawala''. The international experience, leads us to express an opinion that the degree of its public danger through the possibility of financing terrorism, extremism, drug trafficking and transnational organized crime is underestimated. The methods of counteracting these processes by the state and society are suggested.

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Keywords

  • Informal Funds Transfer Systems
  • Shadow Economy
  • "Hawala"
  • Financing of Terrorism and Extremism