Financial Crime World

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Global Financial Networks Help Hamas Transfer Money to Terrorist Activities

A new report by the US Treasury Department has revealed that several countries, including Algeria, Lebanon, Saudi Arabia, Sudan, Türkiye, and the United Arab Emirates (UAE), have been involved in helping transfer money to terrorist activities carried out by Hamas.

Funding Sources

According to the report, Iran has provided up to $100 million per year to Hamas since 2018, with some of this funding being channeled through financial intermediaries, including:

  • Money transfer companies
  • Financiers
  • Financial facilitators

The US Treasury Department has sanctioned numerous individuals and entities connected to these financial networks.

Charity Fronts and Crowdfunding

In addition to traditional fundraising methods, Hamas has also used “sham” charities, which are foreign non-profit organizations that claim to provide humanitarian assistance but instead funnel money to terrorist organizations. These charities have exploited the trust and credibility associated with charitable giving.

Hamas has also leveraged crowdfunding and social media platforms to raise funds under the guise of humanitarian or charitable causes worldwide. These donations are often placed in bank accounts in third countries, including:

  • Lebanon
  • Qatar
  • Türkiye

These accounts are then accessed by individuals operating in the Gaza Strip.

Cryptocurrency Use

Furthermore, Hamas has used cryptocurrency, such as Bitcoin, to safeguard the anonymity of its donors. However, there is evidence that the group may no longer accept Bitcoin donations due to concerns over donor safety following law enforcement action targeting its use of cryptocurrency.

Involvement of Other Groups and Individuals

The report also highlights the involvement of other groups and individuals in supporting Hamas’s terrorist activities, including:

  • The Houthis, an Iran-backed Zaidi Islamist movement that arose in Northern Yemen in 2004.
  • The Houthis launched a military campaign in Yemen in 2014 and have been involved in various conflicts in the region.

US Treasury Department Guidance

The US Treasury Department has issued guidance for the provision of humanitarian assistance to the people of Gaza, while also ensuring that legitimate aid can continue to flow to the Palestinian people. The department remains committed to denying Hamas access to funds following its heinous terrorist attacks against the people of Israel.

Sources:

  • US Treasury Department
  • Financial Crimes Enforcement Network (FinCEN)
  • Department of State
  • Office of Foreign Assets Control (OFAC)