One of the major issues with international money transfer companies is that they can be involved in illicit trades. Most of the companies have strict regulations; however, few offer easy trades. Criminals and terrorist organizations take those advantages. The same happens with Daesh, a middle-east-based money transfer company. They were involved in illegal financial transactions supporting global terrorism.
Financial Crimes Investigation Board (MASAK) of Turley recently cracked down this company and its transaction system Hawala. The MASAK targeted some suspects who were using this whole system to transfer money to sketchy accounts around the Middle East.
Turkey and Syrian-based jewelry firms, as well as exchange offices, were the cover for these illicit trades. At least 18 personal and 5-company account has been found involved in this illegal trade. Moreover, the backbone companies like Al-Hebo and Al-Khalidi have been blocked for a week.
During the crackdown, some foreign currencies have been seized from the cover offices. The investigators believe those were kept for transfer later. Besides, the financial authority cracked the entire Hawala system so that no one can use it in the future.
A representative from MASAk said they are planning to file lawsuits against the suspected companies and individuals pressing financial terrorism and unlicensed payment charges.
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