The Trust Series.

July 2026 · 12 pages

No. 1Demystifying Hawala

What banks, investigators and courts still get wrong — and what the field evidence shows

Accepted for inclusion in the official record of the U.S. House Financial Services Committee’s 21 July 2026 oversight hearing on FinCEN, as one of three white papers supporting a statement for the record. Published as accepted.

“The records exist, and cases turn on reaching and reading them.”

Cite as: Thompson, E. A. (2026). Demystifying Hawala. Trust is the Coin Papers No. 1. Wombat House Publishing. https://doi.org/10.5281/zenodo.22941707

July 2026 · 8 pages

No. 2Payments Infrastructure Is a Front Line

Grey-listing, de-risking and strategic competition in the Pacific: field observations from Papua New Guinea

Accepted for inclusion in the official record of the U.S. House Financial Services Committee’s 21 July 2026 oversight hearing on FinCEN. Published as accepted.

“The market is small only on a bank’s ledger.”

Cite as: Thompson, E. A. (2026). Payments Infrastructure Is a Front Line. Trust is the Coin Papers No. 2. Wombat House Publishing. https://doi.org/10.5281/zenodo.22941816

July 2026 · 12 pages

No. 3Verified Delivery

Field evidence that anti-diversion controls can work in sanctioned and conflict-affected environments

Accepted for inclusion in the official record of the U.S. House Financial Services Committee’s 21 July 2026 oversight hearing on FinCEN. Published as accepted.

“The harder half of the work was human rather than technical.”

Cite as: Thompson, E. A. (2026). Verified Delivery. Trust is the Coin Papers No. 3. Wombat House Publishing. https://doi.org/10.5281/zenodo.22941909

August 2026 · 10 pages

No. 4The First, Middle and Last Mile

Making payment transparency work where systems fail

A public paper drawn from the response submitted in confidence on 24 August 2026 to the FATF public consultation on the draft guidance for revised Recommendation 16 (payment transparency).

“The straight line from sender to recipient has always been a myth.”

Cite as: Thompson, E. A. (2026). The First, Middle and Last Mile. Trust is the Coin Papers No. 4. Wombat House Publishing. https://doi.org/10.5281/zenodo.22942072