ISIS Abuses Global Finance Using Easy Local Rules to Make $25m per Month

ISIS Abuses Global Finance Using Easy Local Rules to Make $25m per Month
Sun Mar 6, 2016 15:42:39

No,ISIS does not make $33,602.15 per hour gaming forex markets thanks to one easy trick, but the group's abuse of the existing international financial system has left it able to effectively ignore UN Security Council sanctions.

Although rumors of the ISIS terrorist group making millions from timely foreign exchange transactions appear to be unsubstantiated, poor banking system controls in Iraq and Jordan have allowed the group to operate despite official bans, terrorist finance analyst Christine Duhaime told Radio Sputnik.

Chatham House associate fellow David Butter previously told a UK Parliamentary panel that ISIS makes as much as $25 million per month through currency trading in Iraq. This does not appear to be true, according to Duhaime, although ISIS has made it more difficult to track its finances because the group began planning its financial operations before its activities became a major issue.

"The thing we've known but don't talk about for some reason is that ISIS uses banks, they definitely sued our banking system, they've wired money in and out, and in fact, in the territory where they are is a bank that is effectively controlled by them," Duhaime told Radio Sputnik.

Iraq has already banned 142 exchange houses in order to prevent ISIS transactions, but the measure may not be enough, according to Duhaime. In the Middle East's banking system, many exchanges are made in cash and countries including Turkey and Jordan maintain loose anti-terrorist financing regulations.

In addition, ISIS is said to be printing counterfeit passports, which would give the group additional abilities to continue financing its activities even if a strict "Know Your Customer" regime is enforced, according to Duhaime, Sputnik reported.

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