Hawala networks rely on digital wallets to move illicit wealth: FATF

Hawala networks use fintech to conceal billions in illicit wealth. File photo
Hawala networks use fintech to conceal billions in illicit wealth. File photo
Published September 5, 2026 12:00 AM
(Web Desk): Hawala networks are using digital wallets and fintech to move illicit wealth in billions of dollars globally.

Modern Technology Upgrades Underground Banking Systems

A new report by the Financial Action Task Force reveals that traditional underground money channels are becoming highly professionalized. These networks now rely heavily on digital wallets, virtual assets, and fintech platforms to move billions of dollars across international borders.

Whistleblower Uncovers Secret Remittance Schemes in Oman

Authorities in Oman tracked down an unlicensed cross-border money transfer network operating through WhatsApp and mobile apps. The illegal operators offered low exchange rates and used fee-free digital payment channels like Raast to send funds directly to Pakistan.

Illegal Online Gambling Funds Laundered Through India

Indian officials uncovered a massive money laundering network tied to illegal online sports betting platforms. Organizers used panel operators, UPI transfers, and mule accounts to transfer illicit proceeds before reintroducing them as fake foreign investments.

Global Financial Task Force Urges Stricter Regulation

Over 80 percent of reporting countries identified underground banking systems as major channels for professional money laundering. The global watchdog urges nations to strictly license these service providers to eliminate regulatory blind spots and stop illicit money transfers.

This report shows how traditional underground banking systems are changing with modern financial technology. By using social media and digital wallets, these networks operate faster while hiding behind lower fees. Governments must strengthen digital banking monitoring to stop illegal money transfers effectively.

Also read: Deutsche Bank plans wider corporate banking push in Pakistan

Also read: Fake currency found in ATMs as Rs5,000 and Rs1,000 notes circulate

 

Currency / Metal / Petrol Rates
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Currency Pair Rate (PKR) Change
🇺🇸 US Dollar USD → PKR 277.30 ▼ 0.31
🇪🇺 Euro EUR → PKR 322.03 ▼ 0.82
🇬🇧 British Pound GBP → PKR 374.82 ▼ 0.76
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🇦🇪 UAE Dirham AED → PKR 75.50 ▼ 0.09
🇨🇳 Chinese Yuan CNY → PKR 41.32
Current Metals
Metal Unit Price (PKR) Change
Gold 24K Per Tola 457,100 ▲ 7,538
Gold 22K Per Tola 419,008 ▲ 6,910
Gold 21K Per Tola 399,962 ▲ 6,596
Gold 18K Per Tola 342,825 ▲ 5,654
Silver Per Tola 6,801 ▲ 131
Platinum Per oz (USD) 1,767 ▲ 33.0%
Current Petrol
Fuel Type Unit Price (PKR) Change
Petrol Super Per Litre 349.00 ▲ 6.40
Diesel HSD Per Litre 252.03 ▲ 52.05
High Octane Per Litre 445.00
Kerosene Per Litre 286.44 ▼ 15.20
LPG Per Kg 258.65 ▲ 17.22
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