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 […]

In another designation by the US Department of the Treasury, Mohammad Ibrahim Bazzi and Abdallah Safi-al-din were listed as specially designated global terrorists. Bazzi was designated as one of Hizballah’s top financiers, and for his link to drug dealers and is alleged to have laundered money to fund terrorism. Bazzi is also reported to have […]

On 15 May 2018, the US Department of the Treasury‘s Office of Foreign Asset Control announced new sanctions against the governor of the Central Bank of Iran, the chairman and CEO of Al-Bilad Bank (Iraq), and a Hizballah financier. According to OFAC, Valiollah Seif, the governor of the Central Bank of Iran facilitated the movement […]

On 16 May 2018, Turkey’s state-controlled bank Halkbank’s deputy general manager (Mehmet Hakan Atilla) was sentenced following a January 2018 conviction for helping Iran evade US sanctions. He helped Iran spend oil money abroad using fake gold and food transactions as cover. The central figure in the scheme was a Turkish-Iranian gold trader ¬†(Reza Zarrab) […]

On 11 May 2018, the US and the UAE announced that they had jointly taken action to disrupt a currency exchange network that facilitated financing for the IRGC-QF. The entities in question used their access to exchanges in the UAE to acquire US dollars that the IRGC-QF used to fund and arm its regional proxy […]