What are chops and the system of hawala used for? How are they similar?
What will be an ideal response?
Chop and hawala are underground banking systems—money transfer mechanisms--that avoid the formal banking mechanisms, and therefore avoid money transfer reporting mechanisms. They are ancient systems. In Asia, they predate Western banking. The chop operates through gold shops, trading companies, commodity houses, travel agencies, and moneychangers, managed worldwide generally by the same Chinese family. The value and identity of the holder of the chop is a secret. Hawala operates on the trust and connections of hawala bankers-- hawaladers. In both systems, money is never actually moved.
You might also like to view...
_____ are the cut or low-lying portions between the lands in a rifled bore
Fill in the blank(s) with the appropriate word(s).
During the 1980s when "crack" legislation first began, more than 25% of American citizens were using this drug on a daily basis
Indicate whether the statement is true or false
The decision to create new performance measures will depend upon the
a. degree of success in achieving previous objectives b. extent of any change to the scope of the work process c. the adequacy of current measures d. all of the above e. a and c
______ directed the Department of Homeland Security secretary to develop a National Incident Management System.
A. Robert Peel B. President George W. Bush C. President Clinton D. FBI Director Sterling