Chichester man indicted over unlicensed money transfer business that moved $25 million to Yemen
Federal prosecutors in New Hampshire say Ramzi Al-Shawafi ran an informal "hawala" network through dozens of bank accounts, moving more than $25 million out of the country. He is due in court Sept. 16.
A Chichester man has been indicted on a federal charge of running an unlicensed money transmitting business that prosecutors say moved more than $25 million from the United States to Yemen.
Ramzi Al-Shawafi, 47, was indicted on the single charge, U.S. Attorney Erin Creegan said Thursday. He is scheduled to appear in federal court in Concord on Sept. 16.
According to the indictment, Al-Shawafi ran a "hawala" for several years and worked with people in Yemen to coordinate money transfers between the two countries. Prosecutors described a hawala as an informal transfer system that uses a network of agents to move money across borders without going through banks, typically to get around banking laws and regulations.
Prosecutors said Al-Shawafi controlled dozens of bank accounts at many financial institutions in recent years, held in the names of businesses he controlled directly or indirectly, including Razl Trading, RA Broker and several convenience stores. Those accounts were used to move more than $25 million to Yemen, according to the indictment.
The charge carries a sentence of up to five years in prison.
The FBI and IRS Criminal Investigation are leading the investigation, the U.S. attorney's office said.
The allegations in the indictment are accusations only, and Al-Shawafi is presumed innocent unless and until he is proven guilty beyond a reasonable doubt.
This brief was drafted by AI from a public agency press release and published by The New England Signal. Why we use AI for stories like this one.