FATF and OECD Warn Hawala Networks Are Leveraging Crypto and Fintech

Hawala networks increasingly use virtual assets, fintech to conceal illicit wealth: FATF, OECD

ISLAMABAD: Traditional underground financial networks, including hawala and other similar service providers (HOSSPs), have become increasingly professionalised and are making greater use of virtual assets and fintech platforms to conceal billions of dollars in illicit wealth, according to a new joint report by the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD). The report was jointly prepared by the two Paris-based organisations, which...

By [email protected] (Khaleeq Kiani)