Somalia is seeking the cooperation of the UAE in regulating the
hawala system of money transfer where over $1 billion is
remitted annually into the war-battered country due to the lack
of a proper banking system.
"It will be a disaster if we close the hawala system. It will
only go underground. Our challenge is how to comply with the
diversity of international regulations," Mohammed Djirdeh
Houssein, chief executive of Somalia's Sahan Commercial Broker,
told the Hawala Conference yesterday.
A large chunk of the funds coming into the country through
hawala is from the US, the European Union and some from the Gulf
where migrant Somalis live and work.