From Jerusalem Post , Sep. 25, 2005 23:40 Updated Sep. 26, 2005 4:02, by ORLY HALPERN ...
'Hawala,' an ancient Eastern way of transferring money without banks, will be one of the subjects under discussion by Arabs of 14 countries at a conference in Beirut Monday to stop terror funding.
The main goal of the second plenary meeting of the Middle East and North Africa Financial Action Task Force is to set up a system for member states to review each other's methods of fighting money laundering and terrorism financing.
The group was formed in November by Arab members of the larger Financial Action Task Force, an inter-governmental body whose purpose is the development and promotion of policies to combat money laundering and terrorist financing. Their goal is to develop ways to stop financing Al-Qaida.
A number of Arab countries such as Iraq, Mauritania, Libya and Sudan have expressed interest in joining. Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, the United Arab Emirates and Yemen are the present members.
Arab countries do not have efficient financial intelligence units, which experts say are essential to combat the funding of terrorism.
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