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 […]

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‘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, […]

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 […]

The US Department of the Treasury has sanctioned two individuals involved in money transfers to ISIL members. Syria-based dual US-Trinidadian national Emraan Ali served as a financial facilitator for ISIL members. He received funds from Trinidad and distributed them to Trinidadian ISIL fighters. Some of those funds appear to have originated with Eddie Aleong, a Trinidad-based […]

Waleed Ahmed Zein has been designated by the US Treasury for his role in financial facilitation for ISIL. Zein developed an international financial network to facilitate funds transfers for ISIL. He used hawalas and intermediaries to conduct and obscure the transactions. His network had links into Europe, the Middle East, Americas, and East Africa. Between […]

A suspected Dutch jihadist affiliated with ISIL, known only has “Mohammed G”, is believed to have been involved in the kidnapping of a British couple in South Africa.  Mohammed tried to use the woman’s credit card in an attempt to buy Bitcoin.  Mohammed was part of a cell of other individuals who wanted to raise […]

Samantha Elhassani aka Samantha Sally was charged on 22 August 2018 with providing material support to the Islamic State. She is alleged to have provided material support to the Islamic State between fall 2014 and summer 2015 by acquiring tactical gear for the group and providing funds for two individuals who joined the Islamic State. […]

This fall, the trial of Awso Peshdary will resume in Ottawa. The terrorism trial, a rarity in Canada, will focus on Peshdary’s alleged role in recruiting, financing, and facilitating terrorism. Awso Peshdary first came to the attention of law enforcement during the 2010 investigation of  a bomb plot involving Hiva Alizadeh, Khurram Sher, and Misbahudding […]

The UK’s National Terrorist Financial Investigation Unit, a part of the Metropolitan Police’s Counter Terrorism Command, has successfully prosecuted a woman for terrorist financing offences. Officers traced a payment of £1,500 made in January 2015 to Khranjit Nijjer’s husband, a suspected fighter with ISIL in Syria. The investigators were able to find evidence that she was […]

According to a recent report, terrorist groups including Al Qaeda and ISIL are increasingly turning to Bitcoin to finance their activities. The authors cite several examples, including: The tech talk section of Al-Haqiqa, a pro-Al Qaeda English-language magazine, released in February 2018, examined the permissibility of using Bitcoin and other cryptocurrencies to fund their activities; […]

In April 2018, the US Treasury Department added Myrna Mabanza, an Islamic State facilitator based in the Philippines, to their list of designated terrorists. Mabanza is a woman in her mid 20s who coordinated funds transfers on behalf of Islamic State in the Philippines. Treasury cites one instance in which she was involved in a […]

Around 2015, US-based Mohamed Elshinawy made contact with an ISIL external operative recruiter and began planning  and attack in the US. The attack plan first involved the assassination of an individual (unspecified). When it became clear that Elshinawy was unable to complete that attack, ISIL directed him to conduct a mass-casualty attack. Over the course […]

The United Nations released a monitoring team report on ISIL and AQ that highlights some financing trends. For ISIL, the UN expects the group to resort to Al-Qaeda in Iraq-style financing methods due to loss of territory. Funds are also continuing to flow from ISIL to its branches, while the affiliates are looking to diversify […]

If you’re looking for a broad overview of the cryptocurrency sector, look no further, as Cambridge’s Centre for Alternative Finance has produced an in-depth analysis on the subject. It provides a robust overview of the different industry sectors (exchanges, wallets, payments and mining) with loads of visuals and data. The one thing missing (though likely […]