Informal funds transfer systems an analysis of the informal hawala system a joint imf world bank paper mohammed el qorchi samuel munzele maimbo and john f wilson c2003 international monetary fund august 18 2003 order information. This paper examines the informal hawala system an ift system found predominantly in the middle east and south asia the paper examines the historical and socioeconomic context within which the hawala has evolved the operational features that make it susceptible to potential financial abuse the fiscal and monetary implications for hawala remitting and hawala recipient countries and current regulatory and supervisory responses series. Since the terrorist attacks of september 11 2001 there has been increased public interest in informal funds transfer ift systems this paper examines the informal hawala system an ift system found predominantly in the middle east and south asia the paper examines the historical and socioeconomic context within which the hawala has evolved the operational features that make it . Vii conclusions informal funds transfer systems an analysis of the informal hawala system since the terrorist attacks of september 11 2001 there has been increased public interest in informal funds transfer ift systems this paper examines the informal hawala system an ift system found predominantly in the middle east and south asia. informal fund transfer systems an analysis of the informal hawala system imfs occasional papers uploaded by dan brown this paper presents the findingsanalyses and conclusions of a study on the operational characteristics of informal hawala which is used predominantly in the middle east and south asia the study