A recent report from Puntland indicates that an ISIL-aligned militant faction in Bosaso (Puntland) is raising a considerable sum of money through extortion activities.
The militants are reported to be raising $72,000 per month by extorting funds from traders in the area.
Extortion is a common tactic used by militant and extremist groups operating in Somalia. However, groups like Al Shabaab have generally relied on a ‘softer’ form of extortion, demanding smaller sums of money and avoiding significant levels of violence.
Analysis: If the report is true (and the amount of money is involved is not exaggerated), ISIL in Somalia will be able to use these funds to significantly increase its operational capabilities, recruit new members (potentially by offering higher pay to militants already aligned with other groups), produce propaganda, etc.