NEW YORK, NY – Six individuals have been sentenced for their roles in a large-scale, unlicensed money transmitting operation that moved over $15 million in a matter of months through an informal system known as "hawala." The sentences, handed down in the White Plains federal court, mark a significant victory for federal investigators in their efforts to curb illicit financial activities. What is a "Hawala"? Essentially, a hawala is a way to transfer money, often across borders, without any physical cash actually moving. It relies on a network of brokers who receive money in one location and then have an associate in another location pay out the same amount to the intended recipient. While not inherently illegal, operating such a service without a license from state and federal authorities is a serious crime, as these networks can be used to launder money for criminal enterprises. The Investigation and Convictions Between February and September of 2023, the group ra...