Pakistan Cripples the Money Movers

As it stamps out the age-old hawala system of unrecorded international currency transfers, the country's economy stands to gain

Let's call him Mohammed Siddiq -- not his real name but pretty common in Pakistan. In his 23 years as a hawala broker, Siddiq has never seen such a slowdown in business. He has been operating his unlicensed money-changing and transfer business in the heart of Karachi since he inherited it from his father at the age of 14.

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