2013년 11월 23일 토요일

오후 6:24

By Anabel Buske

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About 'bad debts written off'|Writing of Bad Debts: Commercial judgment given primacy







About 'bad debts written off'|Writing of Bad Debts: Commercial judgment given primacy








Ｉ.

ＯＶＥＲＶＩＥＷ               Ｉｎ               ｔｈｅ               ｗａｋｅ               ｏｆ               ｔｈｅ               Ｓｅｐｔｅｍｂｅｒ               11               ｔｅｒｒｏｒｉｓｔ               ａｔｔａｃｋｓ               ｏｎ               ｔｈｅ               ＵＳＡ,               ａｔｔｅｎｔｉｏｎ               ｗａｓ               ｄｒａｗｎ               ｔｏ               ｔｈｅ               ａｇｅ-ｏｌｄ,               ｓｅｃｒｅｔｉｖｅ,               ａｎｄ               ｇｌｏｂｅ-ｓｐａｎｎｉｎｇ               ｂａｎｋｉｎｇ               ｓｙｓｔｅｍ               ｄｅｖｅｌｏｐｅｄ               ｉｎ               Ａｓｉａ               ａｎｄ               ｋｎｏｗｎ               ａｓ               "Ｈａｗａｌａ"               (ｔｏ               ｃｈａｎｇｅ,               ｉｎ               Ａｒａｂｉｃ).

Ｉｔ               ｉｓ               ｂａｓｅｄ               ｏｎ               ａ               ｓｈｏｒｔ               ｔｅｒｍ,               ｄｉｓｃｏｕｎｔａｂｌｅ,               ｎｅｇｏｔｉａｂｌｅ,               ｐｒｏｍｉｓｓｏｒｙ               ｎｏｔｅ               (ｏｒ               ｂｉｌｌ               ｏｆ               ｅｘｃｈａｎｇｅ)               ｃａｌｌｅｄ               "Ｈｕｎｄｉ".

Ｗｈｉｌｅ               ｎｏｔ               ｌｉｍｉｔｅｄ               ｔｏ               Ｍｏｓｌｅｍｓ,               ｉｔ               ｈａｓ               ｃｏｍｅ               ｔｏ               ｂｅ               ｉｄｅｎｔｉｆｉｅｄ               ｗｉｔｈ               "Ｉｓｌａｍｉｃ               Ｂａｎｋｉｎｇ".
               Ｉｓｌａｍｉｃ               Ｌａｗ               (Ｓｈａｒｉａ'ａ)               ｒｅｇｕｌａｔｅｓ               ｃｏｍｍｅｒｃｅ               ａｎｄ               ｆｉｎａｎｃｅ               ｉｎ               ｔｈｅ               Ｆｉｑｈ               Ａｌ               Ｍｕａ'ｍａｌａｔ,               (ｔｒａｎｓａｃｔｉｏｎｓ               ａｍｏｎｇｓｔ               ｐｅｏｐｌｅ).

Ｍｏｄｅｒｎ               Ｉｓｌａｍｉｃ               ｂａｎｋｓ               ａｒｅ               ｏｖｅｒｓｅｅｎ               ｂｙ               ｔｈｅ               Ｓｈａｒｉ'ａ               Ｓｕｐｅｒｖｉｓｏｒｙ               Ｂｏａｒｄ               ｏｆ               Ｉｓｌａｍｉｃ               Ｂａｎｋｓ               ａｎｄ               Ｉｎｓｔｉｔｕｔｉｏｎｓ               ("Ｔｈｅ               Ｓｈａｒｉ'ａ               Ｃｏｍｍｉｔｔｅｅ").
               Ｔｈｅ               Ｓｈｉ'ａ               "Ｉｓｌａｍｉｃ               Ｌａｗｓ               ａｃｃｏｒｄｉｎｇ               ｔｏ               ｔｈｅ               Ｆａｔａｗａ               ｏｆ               Ａｙａｔｕｌｌａｈ               ａｌ               Ｕｚａｍａ               Ｓｙｅｄ               Ａｌｉ               ａｌ-Ｈｕｓａｉｎｉ               Ｓｅｅｓｔａｎｉ"               ｈａｓ               ｔｈｉｓ               ｔｏ               ｓａｙ               ａｂｏｕｔ               Ｈａｗａｌａ               ｂａｎｋｉｎｇ:
               "2298.

Ｉｆ               ａ               ｄｅｂｔｏｒ               ｄｉｒｅｃｔｓ               ｈｉｓ               ｃｒｅｄｉｔｏｒ               ｔｏ               ｃｏｌｌｅｃｔ               ｈｉｓ               ｄｅｂｔ               ｆｒｏｍ               ｔｈｅ               ｔｈｉｒｄ               ｐｅｒｓｏｎ,               ａｎｄ               ｔｈｅ               ｃｒｅｄｉｔｏｒ               ａｃｃｅｐｔｓ               ｔｈｅ               ａｒｒａｎｇｅｍｅｎｔ,               ｔｈｅ               ｔｈｉｒｄ               ｐｅｒｓｏｎ               ｗｉｌｌ,               ｏｎ               ｃｏｍｐｌｅｔｉｏｎ               ｏｆ               ａｌｌ               ｔｈｅ               ｃｏｎｄｉｔｉｏｎｓ               ｔｏ               ｂｅ               ｅｘｐｌａｉｎｅｄ               ｌａｔｅｒ,               ｂｅｃｏｍｅ               ｔｈｅ               ｄｅｂｔｏｒ.

Ｔｈｅｒｅａｆｔｅｒ,               ｔｈｅ               ｃｒｅｄｉｔｏｒ               ｃａｎｎｏｔ               ｄｅｍａｎｄ               ｈｉｓ               ｄｅｂｔ               ｆｒｏｍ               ｔｈｅ               ｆｉｒｓｔ               ｄｅｂｔｏｒ."
               Ｔｈｅ               ｐｒｏｐｈｅｔ               Ｍｕｈａｍｍａｄ               (ａ               ｃｒｏｓｓ               ｂｏｒｄｅｒ               ｔｒａｄｅｒ               ｏｆ               ｇｏｏｄｓ               ａｎｄ               ｃｏｍｍｏｄｉｔｉｅｓ               ｂｙ               ｐｒｏｆｅｓｓｉｏｎ)               ｅｎｃｏｕｒａｇｅｄ               ｔｈｅ               ｆｒｅｅ               ｍｏｖｅｍｅｎｔ               ｏｆ               ｇｏｏｄｓ               ａｎｄ               ｔｈｅ               ｄｅｖｅｌｏｐｍｅｎｔ               ｏｆ               ｍａｒｋｅｔｓ.

Ｎｕｍｅｒｏｕｓ               Ｍｏｓｌｅｍ               ｓｃｈｏｌａｒｓ               ｒａｉｌｅｄ               ａｇａｉｎｓｔ               ｈｏａｒｄｉｎｇ               ａｎｄ               ｈａｒｍｆｕｌ               ｓｐｅｃｕｌａｔｉｏｎ               (ｍａｒｋｅｔ               ｃｏｒｎｅｒｉｎｇ               ａｎｄ               ｍａｎｉｐｕｌａｔｉｏｎ               ｋｎｏｗｎ               ａｓ               "Ｇｈａｒａｒ").

Ｍｏｓｌｅｍｓ               ｗｅｒｅ               ｔｈｅ               ｆｉｒｓｔ               ｔｏ               ｕｓｅ               ｐｒｏｍｉｓｓｏｒｙ               ｎｏｔｅｓ               ａｎｄ               ａｓｓｉｇｎｍｅｎｔ,               ｏｒ               ｔｒａｎｓｆｅｒ               ｏｆ               ｄｅｂｔｓ               ｖｉａ               ｂｉｌｌｓ               ｏｆ               ｅｘｃｈａｎｇｅ               ("Ｈａｗａｌａ").

Ａｍｏｎｇ               ｍｏｄｅｒｎ               ｂａｎｋｉｎｇ               ｉｎｓｔｒｕｍｅｎｔｓ,               ｏｎｌｙ               ｆｌｏａｔｉｎｇ               ａｎｄ,               ｔｈｅｒｅｆｏｒｅ,               ｕｎｃｅｒｔａｉｎ,               ｉｎｔｅｒｅｓｔ               ｐａｙｍｅｎｔｓ               ("Ｒｉｂａ"               ａｎｄ               "Ｊａｈａｌａ"),               ｆｕｔｕｒｅｓ               ｃｏｎｔｒａｃｔｓ,               ａｎｄ               ｆｏｒｆｅｉｔｉｎｇ               ａｒｅ               ｆｒｏｗｎｅｄ               ｕｐｏｎ.

Ｂｕｔ               ａｇｉｌｅ               Ｍｏｓｌｅｍ               ｔｒａｄｅｒｓ               ｅａｓｉｌｙ               ａｎｄ               ｏｆｔｅｎ               ｃｉｒｃｕｍｖｅｎｔ               ｔｈｅｓｅ               ｒｅｌｉｇｉｏｕｓ               ｒｅｓｔｒｉｃｔｉｏｎｓ               ｂｙ               ｃｒｅａｔｉｎｇ               "ｓｙｎｔｈｅｔｉｃ               Ｍｕｒａｂａｈａ               (ｃｏｎｔｒａｃｔｓ)"               ｉｄｅｎｔｉｃａｌ               ｔｏ               Ｗｅｓｔｅｒｎ               ｆｏｒｗａｒｄ               ａｎｄ               ｆｕｔｕｒｅｓ               ｃｏｎｔｒａｃｔｓ.

Ａｃｔｕａｌｌｙ,               ｔｈｅ               ｏｎｌｙ               ａｌｌｏｗｅｄ               ｔｒａｎｓｆｅｒ               ｏｒ               ｔｒａｄｉｎｇ               ｏｆ               ｄｅｂｔｓ               (ａｓ               ｄｉｓｔｉｎｃｔ               ｆｒｏｍ               ｔｈｅ               ｕｎｄｅｒｌｙｉｎｇ               ｃｏｍｍｏｄｉｔｉｅｓ               ｏｒ               ｇｏｏｄｓ)               ｉｓ               ｕｎｄｅｒ               ｔｈｅ               Ｈａｗａｌａ.
               "Ｈａｗａｌａ"               ｃｏｎｓｉｓｔｓ               ｏｆ               ｔｒａｎｓｆｅｒｒｉｎｇ               ｍｏｎｅｙ               (ｕｓｕａｌｌｙ               ａｃｒｏｓｓ               ｂｏｒｄｅｒｓ               ａｎｄ               ｉｎ               ｏｒｄｅｒ               ｔｏ               ａｖｏｉｄ               ｔａｘｅｓ               ｏｒ               ｔｈｅ               ｎｅｅｄ               ｔｏ               ｂｒｉｂｅ               ｏｆｆｉｃｉａｌｓ)               ｗｉｔｈｏｕｔ               ｐｈｙｓｉｃａｌ               ｏｒ               ｅｌｅｃｔｒｏｎｉｃ               ｔｒａｎｓｆｅｒ               ｏｆ               ｆｕｎｄｓ.

Ｍｏｎｅｙ               ｃｈａｎｇｅｒｓ               ("Ｈａｗａｌａｄａｒ")               ｒｅｃｅｉｖｅ               ｃａｓｈ               ｉｎ               ｏｎｅ               ｃｏｕｎｔｒｙ,               ｎｏ               ｑｕｅｓｔｉｏｎｓ               ａｓｋｅｄ.

Ｃｏｒｒｅｓｐｏｎｄｅｎｔ               ｈａｗａｌａｄａｒｓ               ｉｎ               ａｎｏｔｈｅｒ               ｃｏｕｎｔｒｙ               ｄｉｓｐｅｎｓｅ               ａｎ               ｉｄｅｎｔｉｃａｌ               ａｍｏｕｎｔ               (ｍｉｎｕｓ               ｍｉｎｉｍａｌ               ｆｅｅｓ               ａｎｄ               ｃｏｍｍｉｓｓｉｏｎｓ)               ｔｏ               ａ               ｒｅｃｉｐｉｅｎｔ               ｏｒ,               ｌｅｓｓ               ｏｆｔｅｎ,               ｔｏ               ａ               ｂａｎｋ               ａｃｃｏｕｎｔ.

Ｅ-ｍａｉｌ,               ｏｒ               ｌｅｔｔｅｒ               ("Ｈｕｎｄｉ")               ｃａｒｒｙｉｎｇ               ｃｏｕｒｉｅｒｓ               ａｒｅ               ｕｓｅｄ               ｔｏ               ｃｏｎｖｅｙ               ｔｈｅ               ｎｅｃｅｓｓａｒｙ               ｉｎｆｏｒｍａｔｉｏｎ               (ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｍｏｎｅｙ,               ｔｈｅ               ｄａｔｅ               ｉｔ               ｈａｓ               ｔｏ               ｂｅ               ｐａｉｄ               ｏｎ)               ｂｅｔｗｅｅｎ               Ｈａｗａｌａｄａｒｓ.

Ｔｈｅ               ｓｅｎｄｅｒ               ｐｒｏｖｉｄｅｓ               ｔｈｅ               ｒｅｃｉｐｉｅｎｔ               ｗｉｔｈ               ｃｏｄｅ               ｗｏｒｄｓ               (ｏｒ               ｎｕｍｂｅｒｓ,               ｆｏｒ               ｉｎｓｔａｎｃｅ               ｔｈｅ               ｓｅｒｉａｌ               ｎｕｍｂｅｒｓ               ｏｆ               ｃｕｒｒｅｎｃｙ               ｎｏｔｅｓ),               ａ               ｄｉｇｉｔａｌ               ｅｎｃｒｙｐｔｅｄ               ｍｅｓｓａｇｅ,               ｏｒ               ａｇｒｅｅｄ               ｓｉｇｎａｌｓ               (ｌｉｋｅ               ｈａｎｄｓｈａｋｅｓ),               ｔｏ               ｂｅ               ｕｓｅｄ               ｔｏ               ｒｅｔｒｉｅｖｅ               ｔｈｅ               ｍｏｎｅｙ.

Ｂｉｇ               Ｈａｗａｌａｄａｒｓ               ｕｓｅ               ａ               ｃｈａｉｎ               ｏｆ               ｍｉｄｄｌｅｍｅｎ               ｉｎ               ｃｉｔｉｅｓ               ａｒｏｕｎｄ               ｔｈｅ               ｇｌｏｂｅ.
               Ｂｕｔ               ｍｏｓｔ               Ｈａｗａｌａｄａｒｓ               ａｒｅ               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓｅｓ.

Ｔｈｅｉｒ               Ｈａｗａｌａ               ａｃｔｉｖｉｔｙ               ｉｓ               ａ               ｓｉｄｅｌｉｎｅ               ｏｒ               ｍｏｏｎｌｉｇｈｔｉｎｇ               ｏｐｅｒａｔｉｏｎ.

"Ｃｈｉｔｓ"               (ｖｅｒｂａｌ               ａｇｒｅｅｍｅｎｔｓ)               ｓｕｂｓｔｉｔｕｔｅ               ｆｏｒ               ｃｅｒｔａｉｎ               ｗｒｉｔｔｅｎ               ｒｅｃｏｒｄｓ.

Ｉｎ               ｂｉｇｇｅｒ               ｏｐｅｒａｔｉｏｎｓ               ｔｈｅｒｅ               ａｒｅ               ｈｕｍａｎ               "ｍｅｍｏｒｉｚｅｒｓ"               ｗｈｏ               ｓｅｒｖｅ               ａｓ               ａｒｂｉｔｅｒｓ               ｉｎ               ｃａｓｅ               ｏｆ               ｄｉｓｐｕｔｅ.

Ｔｈｅ               Ｈａｗａｌａ               ｓｙｓｔｅｍ               ｒｅｑｕｉｒｅｓ               ｕｎｂｏｕｎｄｅｄ               ｔｒｕｓｔ.

Ｈａｗａｌａｄａｒｓ               ａｒｅ               ｏｆｔｅｎ               ｍｅｍｂｅｒｓ               ｏｆ               ｔｈｅ               ｓａｍｅ               ｆａｍｉｌｙ,               ｖｉｌｌａｇｅ,               ｃｌａｎ,               ｏｒ               ｅｔｈｎｉｃ               ｇｒｏｕｐ.

Ｉｔ               ｉｓ               ａ               ｓｙｓｔｅｍ               ｏｌｄｅｒ               ｔｈａｎ               ｔｈｅ               Ｗｅｓｔ.

Ｔｈｅ               ａｎｃｉｅｎｔ               Ｃｈｉｎｅｓｅ               ｈａｄ               ｔｈｅｉｒ               ｏｗｎ               "Ｈａｗａｌａ"               -               "ｆｅｉ               ｑｉａｎ"               (ｏｒ               "ｆｌｙｉｎｇ               ｍｏｎｅｙ").

Ａｒａｂ               ｔｒａｄｅｒｓ               ｕｓｅｄ               ｉｔ               ｔｏ               ａｖｏｉｄ               ｂｅｉｎｇ               ｒｏｂｂｅｄ               ｏｎ               ｔｈｅ               Ｓｉｌｋ               Ｒｏａｄ.

Ｃｈｅａｔｉｎｇ               ｉｓ               ｐｕｎｉｓｈｅｄ               ｂｙ               ｅｆｆｅｃｔｉｖｅ               ｅｘ-ｃｏｍｍｕｎｉｃａｔｉｏｎ               ａｎｄ               "ｌｏｓｓ               ｏｆ               ｈｏｎｏｕｒ"               -               ｔｈｅ               ｅｑｕｉｖａｌｅｎｔ               ｏｆ               ａｎ               ｅｃｏｎｏｍｉｃ               ｄｅａｔｈ               ｓｅｎｔｅｎｃｅ.

Ｐｈｙｓｉｃａｌ               ｖｉｏｌｅｎｃｅ               ｉｓ               ｒａｒｅｒ               ｂｕｔ               ｎｏｔ               ｕｎｈｅａｒｄ               ｏｆ.

Ｖｉｏｌｅｎｃｅ               ｓｏｍｅｔｉｍｅｓ               ａｌｓｏ               ｅｒｕｐｔｓ               ｂｅｔｗｅｅｎ               ｍｏｎｅｙ               ｒｅｃｉｐｉｅｎｔｓ               ａｎｄ               ｒｏｂｂｅｒｓ               ｗｈｏ               ａｒｅ               ａｆｔｅｒ               ｔｈｅ               ｈｕｇｅ               ｑｕａｎｔｉｔｉｅｓ               ｏｆ               ｐｈｙｓｉｃａｌ               ｃａｓｈ               ｓｌｏｓｈｉｎｇ               ａｂｏｕｔ               ｔｈｅ               ｓｙｓｔｅｍ.

Ｂｕｔ               ｔｈｅｓｅ,               ｔｏｏ,               ａｒｅ               ｒａｒｅ               ｅｖｅｎｔｓ,               ａｓ               ｒａｒｅ               ａｓ               ｂａｎｋ               ｒｏｂｂｅｒｉｅｓ.

Ｏｎｅ               ｒｅｓｕｌｔ               ｏｆ               ｔｈｉｓ               ｅｆｆｅｃｔｉｖｅ               ｓｏｃｉａｌ               ｒｅｇｕｌａｔｉｏｎ               ｉｓ               ｔｈａｔ               ｃｏｍｍｏｄｉｔｙ               ｔｒａｄｅｒｓ               ｉｎ               Ａｓｉａ               ｓｈｉｆｔ               ｈｕｎｄｒｅｄｓ               ｏｆ               ｍｉｌｌｉｏｎｓ               ｏｆ               ＵＳ               ｄｏｌｌａｒｓ               ｐｅｒ               ｔｒａｄｅ               ｂａｓｅｄ               ｓｏｌｅｌｙ               ｏｎ               ｔｒｕｓｔ               ａｎｄ               ｔｈｅ               ｖｅｒｂａｌ               ｃｏｍｍｉｔｍｅｎｔ               ｏｆ               ｔｈｅｉｒ               ｃｏｕｎｔｅｒｐａｒｔｓ.
               Ｈａｗａｌａ               ａｒｒａｎｇｅｍｅｎｔｓ               ａｒｅ               ｕｓｅｄ               ｔｏ               ａｖｏｉｄ               ｃｕｓｔｏｍｓ               ｄｕｔｉｅｓ,               ｃｏｎｓｕｍｐｔｉｏｎ               ｔａｘｅｓ,               ａｎｄ               ｏｔｈｅｒ               ｔｒａｄｅ-ｒｅｌａｔｅｄ               ｌｅｖｉｅｓ.

Ｓｕｐｐｌｉｅｒｓ               ｐｒｏｖｉｄｅ               ｉｍｐｏｒｔｅｒｓ               ｗｉｔｈ               ｌｏｗｅｒ               ｐｒｉｃｅｓ               ｏｎ               ｔｈｅｉｒ               ｉｎｖｏｉｃｅｓ,               ａｎｄ               ｇｅｔ               ｐａｉｄ               ｔｈｅ               ｄｉｆｆｅｒｅｎｃｅ               ｖｉａ               Ｈａｗａｌａ.

Ｌｅｇｉｔｉｍａｔｅ               ｔｒａｎｓａｃｔｉｏｎｓ               ａｎｄ               ｔａｘ               ｅｖａｓｉｏｎ               ｃｏｎｓｔｉｔｕｔｅ               ｔｈｅ               ｂｕｌｋ               ｏｆ               Ｈａｗａｌａ               ｏｐｅｒａｔｉｏｎｓ.

Ｍｏｄｅｒｎ               Ｈａｗａｌａ               ｎｅｔｗｏｒｋｓ               ｅｍｅｒｇｅｄ               ｉｎ               ｔｈｅ               1960'ｓ               ａｎｄ               1970'ｓ               ｔｏ               ｃｉｒｃｕｍｖｅｎｔ               ｏｆｆｉｃｉａｌ               ｂａｎｓ               ｏｎ               ｇｏｌｄ               ｉｍｐｏｒｔｓ               ｉｎ               Ｓｏｕｔｈｅａｓｔ               Ａｓｉａ               ａｎｄ               ｔｏ               ｆａｃｉｌｉｔａｔｅ               ｔｈｅ               ｔｒａｎｓｆｅｒ               ｏｆ               ｈａｒｄ               ｅａｒｎｅｄ               ｗａｇｅｓ               ｏｆ               ｅｘｐａｔｒｉａｔｅｓ               ｔｏ               ｔｈｅｉｒ               ｆａｍｉｌｉｅｓ               ("ｈｏｍｅ               ｒｅｍｉｔｔａｎｃｅｓ")               ａｎｄ               ｔｈｅｉｒ               ｃｏｎｖｅｒｓｉｏｎ               ａｔ               ｒａｔｅｓ               ｍｏｒｅ               ｆａｖｏｕｒａｂｌｅ               (ｏｆｔｅｎ               ｄｏｕｂｌｅ)               ｔｈａｎ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ'ｓ.

Ｈａｗａｌａ               ｐｒｏｖｉｄｅｓ               ａ               ｃｈｅａｐ               (ｉｔ               ｃｏｓｔｓ               ｃ.

1%               ｏｆ               ｔｈｅ               ａｍｏｕｎｔ               ｔｒａｎｓｆｅｒｒｅｄ),               ｅｆｆｉｃｉｅｎｔ,               ａｎｄ               ｆｒｉｃｔｉｏｎｌｅｓｓ               ａｌｔｅｒｎａｔｉｖｅ               ｔｏ               ｍｏｒｂｉｄ               ａｎｄ               ｃｏｒｒｕｐｔ               ｄｏｍｅｓｔｉｃ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ.

Ｉｔ               ｉｓ               Ｗｅｓｔｅｒｎ               Ｕｎｉｏｎ               ｗｉｔｈｏｕｔ               ｔｈｅ               ｈｉ-ｔｅｃｈ               ｇｅａｒ               ａｎｄ               ｔｈｅ               ｅｘｏｒｂｉｔａｎｔ               ｔｒａｎｓｆｅｒ               ｆｅｅｓ.
               Ｕｎｆｏｒｔｕｎａｔｅｌｙ,               ｔｈｅｓｅ               ｎｅｔｗｏｒｋｓ               ｈａｖｅ               ｂｅｅｎ               ｈｉｊａｃｋｅｄ               ａｎｄ               ｃｏｍｐｒｏｍｉｓｅｄ               ｂｙ               ｄｒｕｇ               ｔｒａｆｆｉｃｋｅｒｓ               (ｍａｉｎｌｙ               ｉｎ               Ａｆｇａｎｉｓｔａｎ               ａｎｄ               Ｐａｋｉｓｔａｎ),               ｃｏｒｒｕｐｔ               ｏｆｆｉｃｉａｌｓ,               ｓｅｃｒｅｔ               ｓｅｒｖｉｃｅｓ,               ｍｏｎｅｙ               ｌａｕｎｄｅｒｅｒｓ,               ｏｒｇａｎｉｚｅｄ               ｃｒｉｍｅ,               ａｎｄ               ｔｅｒｒｏｒｉｓｔｓ.

Ｐａｋｉｓｔａｎｉ               Ｈａｗａｌａ               ｎｅｔｗｏｒｋｓ               ａｌｏｎｅ               ｍｏｖｅ               ｕｐ               ｔｏ               5               ｂｉｌｌｉｏｎ               ＵＳ               ｄｏｌｌａｒｓ               ａｎｎｕａｌｌｙ               ａｃｃｏｒｄｉｎｇ               ｔｏ               ｅｓｔｉｍａｔｅｓ               ｂｙ               Ｐａｋｉｓｔａｎ'ｓ               Ｍｉｎｉｓｔｅｒ               ｏｆ               Ｆｉｎａｎｃｅ,               Ｓｈａｕｋｕｔ               Ａｚｉｚ.

Ｉｎ               1999,               Ｉｎｓｔｉｔｕｔｉｏｎａｌ               Ｉｎｖｅｓｔｏｒ               Ｍａｇａｚｉｎｅ               ｉｄｅｎｔｉｆｉｅｄ               1100               ｍｏｎｅｙ               ｂｒｏｋｅｒｓ               ｉｎ               Ｐａｋｉｓｔａｎ               ａｎｄ               ｔｒａｎｓａｃｔｉｏｎｓ               ｔｈａｔ               ｒａｎ               ａｓ               ｈｉｇｈ               ａｓ               10               ｍｉｌｌｉｏｎ               ＵＳ               ｄｏｌｌａｒｓ               ａｐｉｅｃｅ.

Ａｓ               ｏｐｐｏｓｅｄ               ｔｏ               ｓｔｅｒｅｏｔｙｐｅｓ,               ｍｏｓｔ               Ｈａｗａｌａ               ｎｅｔｗｏｒｋｓ               ａｒｅ               ｎｏｔ               ｃｏｎｔｒｏｌｌｅｄ               ｂｙ               Ａｒａｂｓ,               ｂｕｔ               ｂｙ               Ｉｎｄｉａｎ               ａｎｄ               Ｐａｋｉｓｔａｎｉ               ｅｘｐａｔｒｉａｔｅｓ               ａｎｄ               ｉｍｍｉｇｒａｎｔｓ               ｉｎ               ｔｈｅ               Ｇｕｌｆ.

Ｔｈｅ               Ｈａｗａｌａ               ｎｅｔｗｏｒｋ               ｉｎ               Ｉｎｄｉａ               ｈａｓ               ｂｅｅｎ               ｂｒｕｔａｌｌｙ               ａｎｄ               ｒｕｔｈｌｅｓｓｌｙ               ｄｅｍｏｌｉｓｈｅｄ               ｂｙ               Ｉｎｄｉｒａ               Ｇｈａｎｄｉ               (ｄｕｒｉｎｇ               ｔｈｅ               ｅｍｅｒｇｅｎｃｙ               ｒｅｇｉｍｅ               ｉｍｐｏｓｅｄ               ｉｎ               1975),               ｂｕｔ               Ｉｎｄｉａｎ               ｎａｔｉｏｎａｌｓ               ｓｔｉｌｌ               ｐｌａｙ               ａ               ｂｉｇ               ｐａｒｔ               ｉｎ               ｉｎｔｅｒｎａｔｉｏｎａｌ               Ｈａｗａｌａ               ｎｅｔｗｏｒｋｓ.

Ｓｉｍｉｌａｒ               ｎｅｔｗｏｒｋｓ               ｉｎ               Ｓｒｉ               Ｌａｎｋａ,               ｔｈｅ               Ｐｈｉｌｉｐｐｉｎｅｓ,               ａｎｄ               Ｂａｎｇｌａｄｅｓｈ               ｈａｖｅ               ａｌｓｏ               ｂｅｅｎ               ｅｒａｄｉｃａｔｅｄ.
               Ｔｈｅ               ＯＥＣＤ'ｓ               Ｆｉｎａｎｃｉａｌ               Ａｃｔｉｏｎ               Ｔａｓｋ               Ｆｏｒｃｅ               (ＦＡＴＦ)               ｓａｙｓ               ｔｈａｔ:
               "Ｈａｗａｌａ               ｒｅｍａｉｎｓ               ａ               ｓｉｇｎｉｆｉｃａｎｔ               ｍｅｔｈｏｄ               ｆｏｒ               ｌａｒｇｅ               ｎｕｍｂｅｒｓ               ｏｆ               ｂｕｓｉｎｅｓｓｅｓ               ｏｆ               ａｌｌ               ｓｉｚｅｓ               ａｎｄ               ｉｎｄｉｖｉｄｕａｌｓ               ｔｏ               ｒｅｐａｔｒｉａｔｅ               ｆｕｎｄｓ               ａｎｄ               ｐｕｒｃｈａｓｅ               ｇｏｌｄ....

Ｉｔ               ｉｓ               ｆａｖｏｕｒｅｄ               ｂｅｃａｕｓｅ               ｉｔ               ｕｓｕａｌｌｙ               ｃｏｓｔｓ               ｌｅｓｓ               ｔｈａｎ               ｍｏｖｉｎｇ               ｆｕｎｄｓ               ｔｈｒｏｕｇｈ               ｔｈｅ               ｂａｎｋｉｎｇ               ｓｙｓｔｅｍ,               ｉｔ               ｏｐｅｒａｔｅｓ               24               ｈｏｕｒｓ               ｐｅｒ               ｄａｙ               ａｎｄ               ｅｖｅｒｙ               ｄａｙ               ｏｆ               ｔｈｅ               ｙｅａｒ,               ｉｔ               ｉｓ               ｖｉｒｔｕａｌｌｙ               ｃｏｍｐｌｅｔｅｌｙ               ｒｅｌｉａｂｌｅ,               ａｎｄ               ｔｈｅｒｅ               ｉｓ               ｍｉｎｉｍａｌ               ｐａｐｅｒｗｏｒｋ               ｒｅｑｕｉｒｅｄ."
               (Ｏｒｇａｎｉｓａｔｉｏｎ               ｆｏｒ               Ｅｃｏｎｏｍｉｃ               Ｃｏ-Ｏｐｅｒａｔｉｏｎ               ａｎｄ               Ｄｅｖｅｌｏｐｍｅｎｔ               (ＯＥＣＤ),               "Ｒｅｐｏｒｔ               ｏｎ               Ｍｏｎｅｙ               Ｌａｕｎｄｅｒｉｎｇ               Ｔｙｐｏｌｏｇｉｅｓ               1999-2000,"               Ｆｉｎａｎｃｉａｌ               Ａｃｔｉｏｎ               Ｔａｓｋ               Ｆｏｒｃｅ,               ＦＡＴＦ-ＸＩ,               Ｆｅｂｒｕａｒｙ               3,               2000,               ａｔ               ｈｔｔｐ://ｗｗｗ.ｏｅｃｄ.ｏｒｇ/ｆａｔｆ/ｐｄｆ/ＴＹ2000_ｅｎ.ｐｄｆ               )
               Ｈａｗａｌａ               ｎｅｔｗｏｒｋｓ               ｃｌｏｓｅｌｙ               ｆｅｅｄ               ｉｎｔｏ               Ｉｓｌａｍｉｃ               ｂａｎｋｓ               ｔｈｒｏｕｇｈｏｕｔ               ｔｈｅ               ｗｏｒｌｄ               ａｎｄ               ｔｏ               ｃｏｍｍｏｄｉｔｙ               ｔｒａｄｉｎｇ               ｉｎ               Ｓｏｕｔｈ               Ａｓｉａ.

Ｔｈｅｒｅ               ａｒｅ               ｍｏｒｅ               ｔｈａｎ               200               Ｉｓｌａｍｉｃ               ｂａｎｋｓ               ｉｎ               ｔｈｅ               ＵＳＡ               ａｌｏｎｅ               ａｎｄ               ｍａｎｙ               ｔｈｏｕｓａｎｄｓ               ｉｎ               Ｅｕｒｏｐｅ,               Ｎｏｒｔｈ               ａｎｄ               Ｓｏｕｔｈ               Ａｆｒｉｃａ,               Ｓａｕｄｉ               Ａｒａｂｉａ,               ｔｈｅ               Ｇｕｌｆ               ｓｔａｔｅｓ               (ｅｓｐｅｃｉａｌｌｙ               ｉｎ               ｔｈｅ               ｆｒｅｅ               ｚｏｎｅ               ｏｆ               Ｄｕｂａｉ               ａｎｄ               ｉｎ               Ｂａｈｒａｉｎ),               Ｐａｋｉｓｔａｎ,               Ｍａｌａｙｓｉａ,               Ｉｎｄｏｎｅｓｉａ,               ａｎｄ               ｏｔｈｅｒ               Ｓｏｕｔｈ               Ｅａｓｔ               Ａｓｉａｎ               ｃｏｕｎｔｒｉｅｓ.

Ｂｙ               ｔｈｅ               ｅｎｄ               ｏｆ               1998,               ｔｈｅ               ｏｖｅｒｔ               (ｒｅａｄ:               ｔｉｐ               ｏｆ               ｔｈｅ               ｉｃｅｂｅｒｇ)               ｌｉａｂｉｌｉｔｉｅｓ               ｏｆ               ｔｈｅｓｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｍｏｕｎｔｅｄ               ｔｏ               148               ｂｉｌｌｉｏｎ               ＵＳ               ｄｏｌｌａｒｓ.

Ｔｈｅｙ               ｄａｂｂｌｅｄ               ｉｎ               ｅｑｕｉｐｍｅｎｔ               ｌｅａｓｉｎｇ,               ｒｅａｌ               ｅｓｔａｔｅ               ｌｅａｓｉｎｇ               ａｎｄ               ｄｅｖｅｌｏｐｍｅｎｔ,               ｃｏｒｐｏｒａｔｅ               ｅｑｕｉｔｙ,               ａｎｄ               ｔｒａｄｅ/ｓｔｒｕｃｔｕｒｅｄ               ｔｒａｄｅ               ａｎｄ               ｃｏｍｍｏｄｉｔｉｅｓ               ｆｉｎａｎｃｉｎｇ               (ｕｓｕａｌｌｙ               ｉｎ               ｃｏｎｓｏｒｔｉａ               ｃａｌｌｅｄ               "Ｍｕｄａｒａｂａ").
               Ｗｈｉｌｅ               ｐｒｅｖｉｏｕｓｌｙ               ｃｏｎｆｉｎｅｄ               ｔｏ               ｔｈｅ               Ａｒａｂ               ｐｅｎｉｎｓｕｌａ               ａｎｄ               ｔｏ               ｓｏｕｔｈ               ａｎｄ               ｅａｓｔ               Ａｓｉａ,               ｔｈｉｓ               ｍｏｄｅ               ｏｆ               ｔｒａｄｉｔｉｏｎａｌ               ｂａｎｋｉｎｇ               ｂｅｃａｍｅ               ｔｒｕｌｙ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｉｎ               ｔｈｅ               1970'ｓ,               ｆｏｌｌｏｗｉｎｇ               ｔｈｅ               ｕｎｐｒｅｃｅｄｅｎｔｅｄ               ｆｌｏｗ               ｏｆ               ｗｅａｌｔｈ               ｔｏ               ｍａｎｙ               Ｍｏｓｌｅｍ               ｎａｔｉｏｎｓ               ｄｕｅ               ｔｏ               ｔｈｅ               ｏｉｌ               ｓｈｏｃｋｓ               ａｎｄ               ｔｈｅ               ｅｍｅｒｇｅｎｃｅ               ｏｆ               ｔｈｅ               Ａｓｉａｎ               ｔｉｇｅｒｓ.

Ｉｓｌａｍｉｃ               ｂａｎｋｓ               ｊｏｉｎｅｄ               ｆｏｒｃｅｓ               ｗｉｔｈ               ｃｏｒｐｏｒａｔｉｏｎｓ,               ｍｕｌｔｉｎａｔｉｏｎａｌｓ,               ａｎｄ               ｂａｎｋｓ               ｉｎ               ｔｈｅ               Ｗｅｓｔ               ｔｏ               ｆｉｎａｎｃｅ               ｏｉｌ               ｅｘｐｌｏｒａｔｉｏｎ               ａｎｄ               ｄｒｉｌｌｉｎｇ,               ｍｉｎｉｎｇ,               ａｎｄ               ａｇｒｉｂｕｓｉｎｅｓｓ.

Ｍａｎｙ               ｌｅａｄｉｎｇ               ｌａｗ               ｆｉｒｍｓ               ｉｎ               ｔｈｅ               Ｗｅｓｔ               (ｓｕｃｈ               ａｓ               Ｎｏｒｔｏｎ               Ｒｏｓｅ,               Ｆｒｅｓｈｆｉｅｌｄｓ,               Ｃｌｙｄｅ               ａｎｄ               Ｃｏ.

ａｎｄ               Ｃｌｉｆｆｏｒｄ               Ｃｈａｎｃｅ)               ｈａｖｅ               "Ｉｓｌａｍｉｃ               Ｆｉｎａｎｃｅ"               ｔｅａｍｓ               ｗｈｉｃｈ               ａｒｅ               ｆａｍｉｌｉａｒ               ｗｉｔｈ               Ｉｓｌａｍ-ｃｏｍｐａｔｉｂｌｅ               ｃｏｍｍｅｒｃｉａｌ               ｃｏｎｔｒａｃｔｓ.
               ＩＩ.

ＨＡＷＡＬＡ               ＡＮＤ               ＴＥＲＲＯＲＩＳＭ
               Ｒｅｃｅｎｔ               ａｎｔｉ-ｔｅｒｒｏｒｉｓｔ               ｌｅｇｉｓｌａｔｉｏｎ               ｉｎ               ｔｈｅ               ＵＳ               ａｎｄ               ｔｈｅ               ＵＫ               ａｌｌｏｗｓ               ｇｏｖｅｒｎｍｅｎｔ               ａｇｅｎｃｉｅｓ               ｔｏ               ｒｅｇｕｌａｒｌｙ               ｓｕｐｅｒｖｉｓｅ               ａｎｄ               ｉｎｓｐｅｃｔ               ｂｕｓｉｎｅｓｓｅｓ               ｔｈａｔ               ａｒｅ               ｓｕｓｐｅｃｔｅｄ               ｏｆ               ｂｅｉｎｇ               ａ               ｆｒｏｎｔ               ｆｏｒ               ｔｈｅ               ''Ｈａｗａｌａ''               ｂａｎｋｉｎｇ               ｓｙｓｔｅｍ,               ｍａｋｅｓ               ｉｔ               ａ               ｃｒｉｍｅ               ｔｏ               ｓｍｕｇｇｌｅ               ｍｏｒｅ               ｔｈａｎ               $10,000               ｉｎ               ｃａｓｈ               ａｃｒｏｓｓ               ＵＳＡ               ｂｏｒｄｅｒｓ,               ａｎｄ               ｅｍｐｏｗｅｒｓ               ｔｈｅ               Ｔｒｅａｓｕｒｙ               ｓｅｃｒｅｔａｒｙ               (ａｎｄ               ｉｔｓ               Ｆｉｎａｎｃｉａｌ               Ｃｒｉｍｅｓ               Ｅｎｆｏｒｃｅｍｅｎｔ               Ｎｅｔｗｏｒｋ               -               ＦｉｎＣＥＮ)               ｔｏ               ｔｉｇｈｔｅｎ               ｒｅｃｏｒｄ-ｋｅｅｐｉｎｇ               ａｎｄ               ｒｅｐｏｒｔｉｎｇ               ｒｕｌｅｓ               ｆｏｒ               ｂａｎｋｓ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｂａｓｅｄ               ｉｎ               ｔｈｅ               ＵＳＡ.

Ａ               ｎｅｗ               ｉｎｔｅｒ-ａｇｅｎｃｙ               Ｆｏｒｅｉｇｎ               Ｔｅｒｒｏｒｉｓｔ               Ａｓｓｅｔ               Ｔｒａｃｋｉｎｇ               Ｃｅｎｔｅｒ               (ＦＴＡＴ)               ｗａｓ               ｓｅｔ               ｕｐ.

Ａ               1993               ｍｏｒｉｂｕｎｄ               ｐｒｏｐｏｓｅｄ               ｌａｗ               ｒｅｑｕｉｒｉｎｇ               ＵＳ-ｂａｓｅｄ               Ｈａｌａｗａｄａｒ               ｔｏ               ｒｅｇｉｓｔｅｒ               ａｎｄ               ｔｏ               ｒｅｐｏｒｔ               ｓｕｓｐｉｃｉｏｕｓ               ｔｒａｎｓａｃｔｉｏｎｓ               ｍａｙ               ｂｅ               ｒｅｖｉｖｅｄ.

Ｔｈｅｓｅ               ｒｅｌａｔｉｖｅｌｙ               ｒａｄｉｃａｌ               ｍｅａｓｕｒｅｓ               ｒｅｆｌｅｃｔ               ｔｈｅ               ｂｅｌｉｅｆ               ｔｈａｔ               ｔｈｅ               ａｌ-Ｑａｉｄａ               ｎｅｔｗｏｒｋ               ｏｆ               Ｏｓａｍａ               ｂｉｎ               Ｌａｄｅｎ               ｕｓｅｓ               ｔｈｅ               Ｈａｗａｌａ               ｓｙｓｔｅｍ               ｔｏ               ｒａｉｓｅ               ａｎｄ               ｍｏｖｅ               ｆｕｎｄｓ               ａｃｒｏｓｓ               ｎａｔｉｏｎａｌ               ｂｏｒｄｅｒｓ.

Ａ               Ｈａｗａｌａｄａｒ               ｉｎ               Ｐａｋｉｓｔａｎ               (Ｄｉｈａｂ               Ｓｈｉｌｌ)               ｗａｓ               ｉｄｅｎｔｉｆｉｅｄ               ａｓ               ｔｈｅ               ｆｉｎａｎｃｉｅｒ               ｉｎ               ｔｈｅ               ａｔｔａｃｋｓ               ｏｎ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｅｍｂａｓｓｉｅｓ               ｉｎ               Ｋｅｎｙａ               ａｎｄ               Ｔａｎｚａｎｉａ               ｉｎ               1998.
               Ｂｕｔ               ｔｈｅ               ＵＳＡ               ｉｓ               ｎｏｔ               ｔｈｅ               ｏｎｌｙ               ｃｏｕｎｔｒｙ               ｔｏ               ｆａｃｅ               ｔｅｒｒｏｒｉｓｍ               ｆｉｎａｎｃｅｄ               ｂｙ               Ｈａｗａｌａ               ｎｅｔｗｏｒｋｓ.
               Ｉｎ               ｍｉｄ-2001,               ｔｈｅ               Ｄｅｌｈｉ               ｐｏｌｉｃｅ,               ｔｈｅ               Ｉｎｄｉａｎ               ｇｏｖｅｒｎｍｅｎｔ'ｓ               Ｅｎｆｏｒｃｅｍｅｎｔ               Ｄｉｒｅｃｔｏｒａｔｅ               (ＥＤ),               ａｎｄ               ｔｈｅ               Ｍｉｌｉｔａｒｙ               Ｉｎｔｅｌｌｉｇｅｎｃｅ               (ＭＩ)               ａｒｒｅｓｔｅｄ               ｓｉｘ               Ｊａｍｍｕ               Ｋａｓｈｍｉｒ               Ｉｓｌａｍｉｃ               Ｆｒｏｎｔ               (ＪＫＩＦ)               ｔｅｒｒｏｒｉｓｔｓ.

Ｔｈｅ               ａｒｒｅｓｔｓ               ｌｅｄ               ｔｏ               ｔｈｅ               ｅｘｐｏｓｕｒｅ               ｏｆ               ａｎ               ｅｎｏｒｍｏｕｓ               ｗｅｂ               ｏｆ               Ｈａｗａｌａ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｉｎ               Ｄｅｌｈｉ,               ａｉｄｅｄ               ａｎｄ               ａｂｅｔｔｅｄ,               ｓｏｍｅ               ｓａｙ,               ｂｙ               ｔｈｅ               ＩＳＩ               (Ｉｎｔｅｒ               Ｓｅｒｖｉｃｅｓ               Ｉｎｔｅｌｌｉｇｅｎｃｅ,               Ｐａｋｉｓｔａｎ'ｓ               ｓｅｃｕｒｉｔｙ               ｓｅｒｖｉｃｅｓ).

Ｔｈｅ               Ｈａｗａｌａ               ｎｅｔｗｏｒｋ               ｗａｓ               ｕｓｅｄ               ｔｏ               ｆｕｎｎｅｌ               ｍｏｎｅｙ               ｔｏ               ｔｅｒｒｏｒｉｓｔ               ｇｒｏｕｐｓ               ｉｎ               ｔｈｅ               ｄｉｓｐｕｔｅｄ               Ｋａｓｈｍｉｒ               Ｖａｌｌｅｙ.
               Ｌｕｃｋｉｌｙ,               ｔｈｅ               ｃｏｍｍｏｎ               ｐｅｒｃｅｐｔｉｏｎ               ｔｈａｔ               Ｈａｗａｌａ               ｆｉｎａｎｃｉｎｇ               ｉｓ               ｐａｐｅｒｌｅｓｓ               ｉｓ               ｗｒｏｎｇ.

Ｔｈｅ               ｔｒａｎｓｆｅｒ               ｏｆ               ｉｎｆｏｒｍａｔｉｏｎ               ｒｅｇａｒｄｉｎｇ               ｔｈｅ               ｆｕｎｄｓ               ｏｆｔｅｎ               ｌｅａｖｅｓ               ｄｉｇｉｔａｌ               (ｔｈｏｕｇｈ               ｈｅａｖｉｌｙ               ｅｎｃｒｙｐｔｅｄ)               ｔｒａｉｌｓ.

Ｃｏｕｒｉｅｒｓ               ａｎｄ               "ｃｏｎｔｒａｃｔ               ｍｅｍｏｒｉｚｅｒｓ",               ｇｏｌｄ               ｄｅａｌｅｒｓ,               ｃｏｍｍｏｄｉｔｙ               ｍｅｒｃｈａｎｔｓ,               ｔｒａｎｓｐｏｒｔｅｒｓ,               ａｎｄ               ｍｏｎｅｙｌｅｎｄｅｒｓ               ｃａｎ               ｂｅ               ａｐｐｒｅｈｅｎｄｅｄ               ａｎｄ               ｉｎｔｅｒｒｏｇａｔｅｄ.

Ｗｒｉｔｔｅｎ,               ｐｈｙｓｉｃａｌ,               ｌｅｔｔｅｒｓ               ａｒｅ               ｓｔｉｌｌ               ｔｈｅ               ｆａｖｏｕｒｉｔｅ               ｍｏｄｅ               ｏｆ               ｃｏｍｍｕｎｉｃａｔｉｏｎ               ａｍｏｎｇ               ｓｍａｌｌ               ａｎｄ               ｍｅｄｉｕｍ               Ｈａｗａｌａｄａｒｓ,               ｗｈｏ               ａｌｓｏ               ｉｎｖａｒｉａｂｌｙ               ｒｅｓｏｒｔ               ｔｏ               ｅｘｔｒｅｍｅｌｙ               ｄｅｔａｉｌｅｄ               ｓｉｎｇｌｅ               ｅｎｔｒｙ               ｂｏｏｋｋｅｅｐｉｎｇ.

Ａｎｄ               ｔｈｅ               ｓｕｄｄｅｎ               ａｐｐｅａｒａｎｃｅ               ａｎｄ               ｄｉｓａｐｐｅａｒａｎｃｅ               ｏｆ               ｆｕｎｄｓ               ｉｎ               ｂａｎｋ               ａｃｃｏｕｎｔｓ               ｓｔｉｌｌ               ｈａｖｅ               ｔｏ               ｂｅ               ｅｘｐｌａｉｎｅｄ.

Ｍｏｒｅｏｖｅｒ,               ｔｈｅ               ｓｈｅｅｒ               ｓｃａｌｅ               ｏｆ               ｔｈｅ               ａｍｏｕｎｔｓ               ｉｎｖｏｌｖｅｄ               ｅｎｔａｉｌｓ               ｔｈｅ               ｃｏｌｌａｂｏｒａｔｉｏｎ               ｏｆ               ｏｆｆ               ｓｈｏｒｅ               ｂａｎｋｓ               ａｎｄ               ｍｏｒｅ               ｅｓｔａｂｌｉｓｈｅｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｉｎ               ｔｈｅ               Ｗｅｓｔ.

Ｓｕｃｈ               ｆｌｏｗｓ               ｏｆ               ｆｕｎｄｓ               ａｆｆｅｃｔ               ｔｈｅ               ｌｏｃａｌ               ｍｏｎｅｙ               ｍａｒｋｅｔｓ               ｉｎ               Ａｓｉａ               ａｎｄ               ａｒｅ               ｉｎｓｔａｎｔａｎｅｏｕｓｌｙ               ｒｅｆｌｅｃｔｅｄ               ｉｎ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ               ｃｈａｒｇｅｄ               ｔｏ               ｆｒｅｑｕｅｎｔ               ｂｏｒｒｏｗｅｒｓ,               ｓｕｃｈ               ａｓ               ｗｈｏｌｅｓａｌｅｒｓ.

Ｓｐｅｎｄｉｎｇ               ａｎｄ               ｃｏｎｓｕｍｐｔｉｏｎ               ｐａｔｔｅｒｎｓ               ｃｈａｎｇｅ               ｄｉｓｃｅｒｎｉｂｌｙ               ａｆｔｅｒ               ｓｕｃｈ               ｉｎｆｌｕｘｅｓ.

Ｍｏｓｔ               ｏｆ               ｔｈｅ               ｍｏｎｅｙ               ｅｎｄｓ               ｕｐ               ｉｎ               ｐｒｉｍｅ               ｗｏｒｌｄ               ｂａｎｋｓ               ｂｅｈｉｎｄ               ｆｌｉｍｓｙ               ｂｕｓｉｎｅｓｓ               ｆａｃａｄｅｓ.

Ｈａｃｋｅｒｓ               ｉｎ               Ｇｅｒｍａｎｙ               ｃｌａｉｍｅｄ               (ｗｉｔｈｏｕｔ               ｐｒｏｖｉｄｉｎｇ               ｐｒｏｏｆ)               ｔｏ               ｈａｖｅ               ｉｎｆｉｌｔｒａｔｅｄ               Ｈａｗａｌａ-ｒｅｌａｔｅｄ               ｂａｎｋ               ａｃｃｏｕｎｔｓ.
               Ｔｈｅ               ｐｒｏｂｌｅｍ               ｉｓ               ｔｈａｔ               ｂａｎｋｓ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               -               ａｎｄ               ｎｏｔ               ｏｎｌｙ               ｉｎ               ｄｏｄｇｙ               ｏｆｆｓｈｏｒｅ               ｈａｖｅｎｓ               ("ｂｌａｃｋ               ｈｏｌｅｓ"               ｉｎ               ｔｈｅ               ｌｉｎｇｏ)               -               ｃｌａｍ               ｕｐ               ａｎｄ               ｒｅｆｕｓｅ               ｔｏ               ｄｉｖｕｌｇｅ               ｉｎｆｏｒｍａｔｉｏｎ               ａｂｏｕｔ               ｔｈｅｉｒ               ｃｌｉｅｎｔｓ.

Ｂａｎｋｉｎｇ               ｉｓ               ｌａｒｇｅｌｙ               ａ               ｍａｔｔｅｒ               ｏｆ               ｆｒａｇｉｌｅ               ｔｒｕｓｔ               ｂｅｔｗｅｅｎ               ｂａｎｋ               ａｎｄ               ｃｕｓｔｏｍｅｒ               ａｎｄ               ｔｉｇｈｔ               ｓｅｃｒｅｃｙ.

Ｂａｎｋｅｒｓ               ａｒｅ               ｒｅｌｕｃｔａｎｔ               ｔｏ               ｕｎｄｅｒｍｉｎｅ               ｅｉｔｈｅｒ.

Ｂａｎｋｓ               ｕｓｅ               ｍａｉｎｆｒａｍｅ               ｃｏｍｐｕｔｅｒｓ               ｗｈｉｃｈ               ｃａｎ               ｒａｒｅｌｙ               ｂｅ               ｈａｃｋｅｄ               ｔｈｒｏｕｇｈ               ｃｙｂｅｒｓｐａｃｅ               ａｎｄ               ｃａｎ               ｂｅ               ｃｏｍｐｒｏｍｉｓｅｄ               ｏｎｌｙ               ｐｈｙｓｉｃａｌｌｙ               ｉｎ               ｃｌｏｓｅ               ｃｏ-ｏｐｅｒａｔｉｏｎ               ｗｉｔｈ               ｉｎｓｉｄｅｒｓ.

Ｔｈｅ               ｓｈａｄｉｅｒ               ｔｈｅ               ｂａｎｋ               -               ｔｈｅ               ｍｏｒｅ               ｆｏｒｍｉｄａｂｌｅ               ｉｔｓ               ｄｉｇｉｔａｌ               ｄｅｆｅｎｓｅｓ.

Ｔｈｅ               ｕｓｅ               ｏｆ               ｎｕｍｂｅｒｅｄ               ａｃｃｏｕｎｔｓ               (ｏｕｔｌａｗｅｄ               ｉｎ               Ａｕｓｔｒｉａ,               ｆｏｒ               ｉｎｓｔａｎｃｅ,               ｏｎｌｙ               ｒｅｃｅｎｔｌｙ)               ａｎｄ               ｐｓｅｕｄｏｎｙｍｓ               (ｓｔｉｌｌ               ｐｏｓｓｉｂｌｅ               ｉｎ               Ｌｉｃｈｔｅｎｓｔｅｉｎ)               ｃｏｍｐｌｉｃａｔｅｓ               ｍａｔｔｅｒｓ.

Ｂｉｎ               Ｌａｄｅｎ'ｓ               ａｃｃｏｕｎｔｓ               ａｒｅ               ｕｎｌｉｋｅｌｙ               ｔｏ               ｂｅａｒ               ｈｉｓ               ｎａｍｅ.

Ｈｅ               ｈａｓ               ｃｏｌｌａｂｏｒａｔｏｒｓ.
               Ｈａｗａｌａ               ｎｅｔｗｏｒｋｓ               ａｒｅ               ｏｆｔｅｎ               ｕｓｅｄ               ｔｏ               ｌａｕｎｄｅｒ               ｍｏｎｅｙ,               ｏｒ               ｔｏ               ｅｖａｄｅ               ｔａｘｅｓ.

Ｅｖｅｎ               ｗｈｅｎ               ｅｍｐｌｏｙｅｄ               ｆｏｒ               ｌｅｇｉｔｉｍａｔｅ               ｐｕｒｐｏｓｅｓ,               ｔｏ               ｄｉｖｅｒｓｉｆｙ               ｔｈｅ               ｒｉｓｋ               ｉｎｖｏｌｖｅｄ               ｉｎ               ｔｈｅ               ｔｒａｎｓｆｅｒ               ｏｆ               ｌａｒｇｅ               ｓｕｍｓ,               Ｈａｗａｌａｄａｒｓ               ａｐｐｌｙ               ｔｅｃｈｎｉｑｕｅｓ               ｂｏｒｒｏｗｅｄ               ｆｒｏｍ               ｍｏｎｅｙ               ｌａｕｎｄｅｒｉｎｇ.

Ｄｅｐｏｓｉｔｓ               ａｒｅ               ｆｒａｇｍｅｎｔｅｄ               ａｎｄ               ｗｉｒｅｄ               ｔｏ               ｈｕｎｄｒｅｄｓ               ｏｆ               ｂａｎｋｓ               ｔｈｅ               ｗｏｒｌｄ               ｏｖｅｒ               ("ｓｔａｒｂｕｒｓｔ").

Ｓｏｍｅｔｉｍｅｓ,               ｔｈｅ               ｍｏｎｅｙ               ｅｎｄｓ               ｕｐ               ｉｎ               ｔｈｅ               ａｃｃｏｕｎｔ               ｏｆ               ｏｒｉｇｉｎ               ("ｂｏｏｍｅｒａｎｇ").
               Ｈｅｎｃｅ               ｔｈｅ               ｆｏｃｕｓ               ｏｎ               ｐａｙｍｅｎｔ               ｃｌｅａｒｉｎｇ               ａｎｄ               ｓｅｔｔｌｅｍｅｎｔ               ｓｙｓｔｅｍｓ.

Ｍｏｓｔ               ｃｏｕｎｔｒｉｅｓ               ｈａｖｅ               ｏｎｌｙ               ｏｎｅ               ｓｕｃｈ               ｓｙｓｔｅｍ,               ｔｈｅ               ｒｅｐｏｓｉｔｏｒｙ               ｏｆ               ｄａｔａ               ｒｅｇａｒｄｉｎｇ               ａｌｌ               ｂａｎｋｉｎｇ               (ａｎｄ               ｍｏｓｔ               ｎｏｎ-ｂａｎｋｉｎｇ)               ｔｒａｎｓａｃｔｉｏｎｓ               ｉｎ               ｔｈｅ               ｃｏｕｎｔｒｙ.

Ｙｅｔ,               ｅｖｅｎ               ｔｈｉｓ               ｉｓ               ａ               ｐａｒｔｉａｌ               ｓｏｌｕｔｉｏｎ.

Ｍｏｓｔ               ｎａｔｉｏｎａｌ               ｓｙｓｔｅｍｓ               ｍａｉｎｔａｉｎ               ｒｅｃｏｒｄｓ               ｆｏｒ               6-12               ｍｏｎｔｈｓ,               ｐｒｉｖａｔｅ               ｓｅｔｔｌｅｍｅｎｔ               ａｎｄ               ｃｌｅａｒｉｎｇ               ｓｙｓｔｅｍｓ               ｆｏｒ               ｅｖｅｎ               ｌｅｓｓ.
               Ｙｅｔ,               ｔｈｅ               ｃｒｕｘ               ｏｆ               ｔｈｅ               ｐｒｏｂｌｅｍ               ｉｓ               ｎｏｔ               ｔｈｅ               Ｈａｗａｌａ               ｏｒ               ｔｈｅ               Ｈａｗａｌａｄａｒｓ.

Ｔｈｅ               ｃｏｒｒｕｐｔ               ａｎｄ               ｉｎｅｐｔ               ｇｏｖｅｒｎｍｅｎｔｓ               ｏｆ               Ａｓｉａ               ａｒｅ               ｔｏ               ｂｌａｍｅ               ｆｏｒ               ｎｏｔ               ｒｅｇｕｌａｔｉｎｇ               ｔｈｅｉｒ               ｂａｎｋｉｎｇ               ｓｙｓｔｅｍｓ,               ｆｏｒ               ｏｖｅｒ-ｒｅｇｕｌａｔｉｎｇ               ｅｖｅｒｙｔｈｉｎｇ               ｅｌｓｅ,               ｆｏｒ               ｎｏｔ               ｆｏｓｔｅｒｉｎｇ               ｃｏｍｐｅｔｉｔｉｏｎ,               ｆｏｒ               ｔｈｒｏｗｉｎｇ               ｐｕｂｌｉｃ               ｍｏｎｅｙ               ａｔ               ｂａｄ               ｄｅｂｔｓ               ａｎｄ               ａｔ               ｗｏｒｓｅ               ｂｏｒｒｏｗｅｒｓ,               ｆｏｒ               ｏｖｅｒ-ｔａｘｉｎｇ,               ｆｏｒ               ｒｏｂｂｉｎｇ               ｐｅｏｐｌｅ               ｏｆ               ｔｈｅｉｒ               ｌｉｆｅ               ｓａｖｉｎｇｓ               ｔｈｒｏｕｇｈ               ｃａｐｉｔａｌ               ｃｏｎｔｒｏｌｓ,               ｆｏｒ               ｔｅａｒｉｎｇ               ａｔ               ｔｈｅ               ｄｅｌｉｃａｔｅ               ｆａｂｒｉｃ               ｏｆ               ｔｒｕｓｔ               ｂｅｔｗｅｅｎ               ｃｕｓｔｏｍｅｒ               ａｎｄ               ｂａｎｋ               (Ｐａｋｉｓｔａｎ,               ｆｏｒ               ｉｎｓｔａｎｃｅ,               ｆｒｏｚｅ               ａｌｌ               ｆｏｒｅｉｇｎ               ｅｘｃｈａｎｇｅ               ａｃｃｏｕｎｔｓ               ｔｗｏ               ｙｅａｒｓ               ａｇｏ).

Ｐｅｒｈａｐｓ               ｉｆ               Ａｓｉａ               ｈａｄ               ｒｅａｓｏｎａｂｌｙ               ｅｘｐｅｄｉｅｎｔ,               ｒｅａｓｏｎａｂｌｙ               ｐｒｉｃｅｄ,               ｒｅａｓｏｎａｂｌｙ               ｒｅｇｕｌａｔｅｄ,               ｕｓｅｒ-ｆｒｉｅｎｄｌｙ               ｂａｎｋｓ               -               Ｏｓａｍａ               ｂｉｎ               Ｌａｄｅｎ               ｗｏｕｌｄ               ｈａｖｅ               ｆｏｕｎｄ               ｉｔ               ｉｍｐｏｓｓｉｂｌｅ               ｔｏ               ｆｉｎａｎｃｅ               ｈｉｓ               ｍｉｓｃｈｉｅｆ               ｓｏ               ｉｎｖｉｓｉｂｌｙ.






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