Recent reports suggest that the Taliban is able to raise $400 million each year to finance its governance and terrorism activities. The Taliban raises funds in a variety of ways such as through the taxation of the opium trade, through taxation and extortion, as well as control of mines and mineral extraction. The group also […]

Over the last several years, the Islamic State has transferred hundreds of millions of dollars out of Iraq and Syria and invested that money in legitimate businesses. The group is estimated to have transferred approximately $400 million through the banking sector out of Iraq and Syria. The funds were invested in legitimate businesses in Turkey, […]

Effectively implementing sanctions against North Korea has been a difficult proposition.┬áDespite sanctions, North Korea continues to raise foreign exchange to pay for imports from China. Part of the reason for this difficulty is that the┬ácountry’s trade and finance networks operate unofficially, largely outside the detection capabilities of regulators, which in turn is partly due to […]

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 […]