The role ‘hawala’ in financing terrorism and money laundering: the nexus between informal migrant remittances in Europe and funding of terrorist organizations

Abstract

As evident from the statements made by former President George W. Bush and former Secretary of State Colin Powell, money is regarded as vital for the planning and execution of terrorist activities, underscoring the notion that terrorism cannot persist without financial support. Comparable sentiments have been echoed by European leaders. In alignment with his American counterparts, British Chancellor of the Exchequer (later Prime Minister) Gordon Brown affirmed that ‘the readily available financial resources are the driving force behind contemporary terrorism’ (UK Treasury, 2001).