Hawala Association May Have Been Exploited for Terrorism

Amal Express, a payment service company focused on Somalia, is fined by the Financial Supervisory Authority (FI). The association, which helps customers send money abroad through informal transfer systems, known as hawala, had inadequate routines for detecting money laundering and terrorist financing during the year-long investigation period, according to FI.

"The deficiencies have resulted in an increased risk of the association being exploited for money laundering and terrorist financing. This is serious," says the Financial Supervisory Authority's Director-General Daniel Barr in a press release.

Corrected: In an earlier version of the text, it was not clear that the investigation is completed.