Russia has established an “improvised banking system” in South Ossetia that it uses to circumvent sanctions and support breakaway states within the former republics of Ukraine, Georgia, and Moldova.  South Ossetia has become a focus of illicit financing as Russia uses the region to contravene sanctions imposed by the US and EU against doing business […]

In France, five people are believed to have been part of a financing cell that funded ISIL in Syria and may have also provided funds to individuals seeking to travel to join the group.  The cell, made up of three men and two women, transferred funds to the Islamic State via Turkey. One of the […]

Al Shabaab’s domestic fundraising from taxation activities has been estimated at more than $10 million per year by a United Nations Monitoring Group report.  This amount is believed to be more than adequate to sustain the group’s insurgency. The group operates as a quasi-government in the areas it influences (although no longer directly controls), and […]

The US Department of the Treasury has sanctioned two Hizballah financiers, Shibl Mhusin ‘Ubayd Al-Zaydi, and Adnan Hussein Kawtharani. Al-Zaydi served as a financial facilitator between IRGC-QF and armed groups in Iraq. He has facilitated investments in Iraq on behalf of the IRGC-QF Commander  Qasem Soleimani, and  has coordinated the smuggling of oil from Iran.  […]

15 suspected Hizballah members are on trial in France, charged with money laundering Colombian narcotics money. The individuals are believed to have trafficked cocaine for a Colombian drug cartel and used their proceeds to purchase weapons for Hizballah. The cell is believed to have used some of the funds to purchase luxury goods like watches […]

The Islamic State in Somalia is assessed to be cash poor, according to a recent report from the Hiraal Institute. The group raises money through donations (some of which may be voluntary), as well as taxation and extortion. The group focuses on larger businesses within its area of operations, avoiding taxing smaller businesses. While the […]

The DPRK’s Lazarus hacking group used malware to infect servers controlling ATMs, allowing the group to withdraw cash. While the group is believed to act on behalf of the state, some reports suggest that the group is now primarily motivated by profit. The group is believed to have been behind the Bangladesh central bank heist […]

The Islamic State in Afghanistan has financed some of its terrorist attacks and activities in Pakistan through kidnappings for ransom. Three men were arrested in Karachi for financing the Islamic State in Afghanistan through kidnappings for ransom. The men conducted 5-6 kidnappings and sent the money to the Islamic State in Afghanistan through hundi and hawala […]

The Islamic State continues to raise money by conducting kidnappings for ransom. A recent hostage negotiation will likely net the group $27 million. The Islamic State kidnapped 30 Druze in late July. In order to secure their release, the Syrian government has agreed to release 60 Islamic State members and pay a $27 million ransom. […]

The US Department of the Treasury has imposed sanctions against Singapore-based companies and their director for evading sanctions targeting North Korea.  Tan Wee Beng, the director and shareholder of a Singapore-based commodities trading company Wee Tiong Holdings is accused of hiding the origin of payments and structuring transactions in order to help acquire goods for […]

Recent analytic work conducted by GIABA and FATF has revealed trends and typologies of how terrorists in West Africa finance their activities. Terrorists finance their activities through trade, non-governmental and charitable organizations, taxation, through criminal activities such as the smuggling of weapons, and drug trafficking. They move their funds through cash couriers, as well as […]

The US Department of the Treasury‘s Office of Foreign Assets Control sanctioned Afaq Dubai for the money services business’ involvement in moving funds for ISIL. The Iraq-based MSB moved money for the Islamic State as recently as 2018. The MSB is believed to be part of ISIL’s financial facilitation network that includes other MSBs, hawalas, […]

A new report suggests that Al Shabaab has plenty of money to fund its ongoing insurgency and terrorist activity. A report from 2018 estimates that the group has made at least $17.5 million this year alone. The group primarily makes money from taxation of illicit charcoal, estimated to generate  $7.5 million in taxes for the […]

The Islamic State is far from bankrupt. The group may have lost the majority of its territory, but it likely anticipated this eventuality and prepared financially. The group is reported to have stashed millions across the region through investments in companies in Iraq, the purchase of gold in Turkey, and the transfer of millions to […]

According to recent reports, Angola has developed a  “reputation as a refuge for international terror financiers,” specifically Hizballah.  Hatem Barakat and Kassim Tajideen are accused of using Angola as a terrorism financing hub. The two individuals were recently arrested in South America and Morocco. However, their companies continue to operate in Angola. The companies were […]