/biz/ - Business & Finance

http://btcbase.org/log-search?q=hawala

https://en.wikipedia.org/wiki/Hawala#Post-9/11_money_laundering_crackdowns

Hawala was bitcoin before bitcoin.

Example for the Hawala banking system: Person A wants to transfer money to person B, using the services of the "hawaladars" X and M. 1. A hands the money (red) to his hawaladar X and also tells him the code word (blue). 2a. Then, A tells B the code word. 2b. Independent of this, X tells the code word to M. 3a. B tells the code word to M... 3b. ...which shows to M that B is a legitimate receiver of the money, so he hands over the money to B. Legend: blue = shared code word is being told, red = money is handed over.