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The Counter ISIS Finance Group, a collaborative effort by nations including the United States, Italy, Saudi Arabia, and others, has been actively working to disrupt the financial networks of the militant organization.
Recognizing the critical role of cutting off funding to terrorist organizations, this international coalition has been deploying various strategies to counter ISIS's financial activities.
Territorial Losses
Despite facing setbacks and losing control over substantial territories in Syria and Iraq, IS factions, particularly in Africa, persist in their pursuit of violent activities. Reports indicate that the organization currently holds between $10 million and $20 million in cash and other liquid assets. This marks a significant reduction from their previous financial capacity, which had reached hundreds of millions of dollars.
The primary revenue source for the Somalia faction of the group is the collection of approximately $6 million through extortion and local taxes. This underscores ISIS's adaptability in finding alternative funding streams to sustain its operations.
Allegations Against Binance in Anti-Terror Financing Measures
In a recent development, the U.S. Department of Justice (DOJ) reached a $4.4 billion settlement with Binance. The settlement includes allegations that the cryptocurrency exchange failed to implement essential anti-money laundering measures, contributing to the financing of terrorist organizations, including ISIS.
According to Crypto News, this points to the increasing scrutiny of cryptocurrency platforms and their role in facilitating illicit financial activities.
A Bloomberg report states that while ISIS predominantly relies on informal money services like cash couriers, affiliates, particularly those in West Africa, are increasingly utilizing virtual assets to make payments.
Crypto Terrorism
The Counter ISIS Finance Group remains steadfast in its commitment to curbing the financial activities of ISIS. The coalition's efforts extend beyond national borders, uniting various nations in a collective endeavor to disrupt and dismantle the financial networks that support the activities of this militant organization.
Efforts to counter ISIS financing have intensified with a growing recognition of the need for coordinated international action.
While traditional methods such as cash couriers have historically been prevalent, there is a discernible shift towards using cryptocurrencies, notably observed among IS affiliates operating in West Africa. The coalition closely monitors these developments and adapts strategies to combat this evolving threat effectively.
Photo: Halima Bouchouicha/Unsplash
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