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ISSN: 1546-9239 (Print)
ISSN: 1554-3641 (Online)
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, 100012, Erubaev St., 16 Karaganda, Kazakhstan

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.

American Journal of Applied Sciences
Volume 12 No. 12, 2015, 931-937

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

Submitted On: 22 October 2015 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

Open AccessCopyright: © 2015 Bakhyt Moldatjaevich Nurgaliyev, Kanat Sametovich Lakbayev, Alexey Vladimirovich Boretsky and Aiman Kudaibergenovna Kussainova. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

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Keywords

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