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Affairs

Power, money, systems, statecraft, crisis and the stories shaping how cities and countries actually function.

Hawala: The Invisible Bank
Global|Affairs|22 min

Hawala: The Invisible Bank

The centuries-old trust network that still moves billions across borders with no paperwork and no app

From Somali remittances to Afghan markets and Western terror investigations, hawala operates as the world's oldest parallel financial system — informal, resilient, and still moving billions outside the view of modern banking.

By Wills Mayani