Turkish authorities have reportedly disrupted an illegal financial network that has been used by the Islamic State to transfer money for various activities. The operations were able to recover some foreign currency Daesh had planned to send to some key players.
Turkey’s Financial Crimes Investigation Board (MASAK) revealed that the security forces targeted suspects accused of directing Daesh international money transfers using the “Hawala” system.
Intelligence has revealed that ISIS used Turkish and Syrian-based jeweler firms or exchange offices as fronts for money transfers. Some of the jewelers include Al-Khalidi, Al-Hebo jewelry, Al-Haram, and Saksouk who were previously investigated for the same between 2016 and 2017. During this period, the accounts of 18 individuals and five companies suspected of being included in the illegal money transfer chain of Al-Hebo and Al-Khalidi were blocked.
ISIS has been believed to have millions of dollars in financial assets and as such the disruption could help trace the monies used by the group to sustain itself as well as fund terror activities both in the Middle East and other affected regions. While ISIS was defeated in Iraq and Syria, analysts have maintained that the group has changed tactics to include an international reach in other parts of Asia and Africa. Therefore, a trace of their financial might give the much-needed insight into the extent of their influence and operations both in the Middle East and beyond.
