Global Terror Finances: Hamas Uses Bank Accounts and Virtual Currency to Funnel Millions

Secret Funding Methods Uncovered

In a disturbing trend, terrorist organization Hamas has been utilizing bank accounts and virtual currency to secretly funnel millions of dollars to fund its operations in the Gaza Strip.

Intelligence Reports Reveal Sophisticated Network

According to intelligence reports, Hamas has set up bank accounts in third countries, including Lebanon, Qatar, and Turkey, which are then accessed by individuals operating in the Gaza Strip. The group is also leveraging convertible virtual currency (CVC) to facilitate cross-border transactions, taking advantage of the perceived anonymity afforded by certain CVC transactions and lax regulatory oversight of virtual asset service providers.

Treasury Department Targets Hamas Finances

The Treasury Department has targeted nearly 1,000 individuals and entities connected to terrorism and terrorist financing by Iran and its proxies, including Hamas. Despite this effort, Hamas continues to find ways to evade detection and move funds around the world.

Crowdfunding Campaigns Used for Fundraising

In recent years, Hamas has used crowdfunding campaigns on social media platforms to solicit donations in dollars, euros, and cryptocurrency. These campaigns often mislead donors as to the end use of their contributions, which are ultimately funneled to the terrorist organization.

OFAC Authorizes Limited Transactions

The Office of Foreign Assets Control (OFAC) has authorized limited transactions with blocked persons to support humanitarian relief efforts in Gaza, while also urging vigilance against Hamas’ fundraising activities.

Al-Qassam Brigades Discontinues Bitcoin Donations

In a related development, the al-Qassam Brigades, Hamas’ military wing, recently announced that it would no longer accept Bitcoin donations due to concerns about law enforcement targeting donors.

Need for Increased International Cooperation

The use of virtual currency and anonymous bank accounts by Hamas highlights the need for increased international cooperation to combat terrorist financing. The US Treasury Department has committed to denying Hamas access to funds while ensuring legitimate humanitarian aid can continue to flow to the Palestinian people in Gaza.