Posts Tagged ‘terrorist financing’

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ISIS annual income nears 3 billion: estimate

December 19, 2014

Shattering previous estimates, Thomson Reuters Accelus says that ISIS’s annual income is $2.9 billion annually with total assets surpassing $2 trillion.

Most of the income comes from the energy sector, with 55 percent income coming from oil and natural gas. The remainder comes from extortion/Islamic taxation (12 percent); control of the Iraqi agricultural sector (primarily wheat and barley at 7 percent), the cement industry (10 percent), and phosphate mining (10 percent); kidnap-for-ransom schemes (4 percent); and donations (2 percent).

Hat tip to Gisele for sending in an infographic from their findings, which include the income breakdown:

Where Islamic State gets its money

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Low on donations, AQAP goes on robbery spree

November 21, 2014

Al Qaeda in the Arabian Peninsula is robbing whatever they can—banks, post offices, and exchange houses in a desperate bid to keep the money flowing for their arms and operations, according to Yemeni sources.

Traditionally, robberies are a hallmark of poorly funded terrorist groups that are unable to obtain financial support from more legitimate channels such as contributions from sponsors. It is possible that as Iraq and Syria have become the target for wealthy Gulf donors, other fronts of the global jihad aren’t receiving the same level of sponsorship that they received a few years ago.

From Al-Shorfa on Nov. 6 (h/t El Grillo):

AQAP loots Yemeni citizens’ livelihood to fund its crimes

Al-Qaeda in the Arabian Peninsula (AQAP) has resorted to robbing banks and government facilities to finance its activities, researchers told Al-Shorfa.

In mid-October, AQAP stormed al-Udayn Post Office in Ibb province, stealing 30 million riyals ($140,000), the official news agency Saba reported.

In August, AQAP gunmen stormed the town of al-Qatn in Wadi Hadramaut and robbed a number of local banks and exchange companies, including the Agricultural Credit Bank and a branch of the National Bank, according to news reports.

AQAP is currently suffering from a shortage of funding, which it needs to cover the cost of its crimes and for weapons and explosives, said Saeed al-Jamhi, a researcher specialising in Islamist groups.

This is why the group has resorted to burglary, looting, bank robbery and plundering, despite the fact that Islam forbids such practices, he told Al-Shorfa.

“Extremism has many facets, including unlawfully shedding the blood of others — the most grievous crime,” al-Jamhi said. “Deeming the money of Muslims as permissible [to steal] is another aspect of extremism.”

AQAP resorts to misinterpreting and misrepresenting religious and jurisprudential texts, distorting their words or not interpreting their true meaning, he said, adding, “The sanctity of human life is greater than the sanctity of money, and whoever deems it permissible to take a human life has no qualms about seizing the money of others”.

“Al-Qaeda’s practices, including the heinous killings of innocent civilians, and its bank robberies and looting of state funds by plundering post offices, are unacceptable under Islamic sharia law,” al-Jamhi said.

“These acts have given the world a distorted picture of Islam and brought harm to Muslims,” he added.

Al-Qaeda ‘sheds innocent blood’

Fares al-Saqqaf, strategy advisor to the Yemeni president, told Al-Shorfa that AQAP’s bloodshed and looting indicates it is “in a state of great weakness and disarray”.

The group “is in an obvious state of weakness due to the war waged against it and the siege laid on it both domestically and abroad in the context of the war on terrorism, as represented by the military campaign battling it locally, the army’s pursuit of its gunmen and the blocking of its funding sources”, he said…

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Jihad money news: recommended reading

November 13, 2014
  • Al Qaeda tells followers to wage economic war against the West… more>>
  • U.S. food and medicine aid to Syrians is being taxed, skimmed, and stolen by ISISmore>>
  • Canada has more home-grown terrorists than the U.S. or Australia, and private donors are sending money from Canada through conduit countries to ISIS… more>>
  • ISIS offered $25K to a Turkish teen for contract bombing of a major Vienna train station… more>>
  • ISIS’s budget constraints and increasing expectations of their subject populations will seal their doom… more>>
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FSA hammered by Qatar-funded al-Nusra Front

November 10, 2014

The Free Syrian Army, Washington’s best hope for a Syrian alternative to Bashar al-Assad and Al Qaeda, suffered a major defeat last week at the hands of Jabhat al-Nusra—Al Qaeda’s formal affiliate in Syria.  The FSA was recently forced to leave their Western-provided arms behind them as they retreated from advancing Nusra forces.

In case you’ve forgotten who funds al-Nusra, it’s Qatar. And their foreign minister’s cousin.  It’s not just private donors working outside the Qatari ruling class—the money and support for al-Nusra comes from within their very own ranks.  From The Telegraph (h/t Sal):

Minister’s family ties to terror

Cousin of Qatari foreign minister was arrested for terrorist funding but freed after intense lobbying

The cousin of Qatar’s foreign minister has been convicted of funding international terrorism and is believed to be linked to an alleged terrorist known as the “Wolf of al-Qaeda”.

Abdulaziz bin Khalifa al-Attiyah was found guilty in absentia by a Lebanese court of channelling financial support to al-Qaeda.

He was detained in Lebanon – apparently following a tip-off by British and American intelligence – but was allowed to leave the country before his trial after intense pressure by Qatar on the Lebanese government.

On social media, al-Attiyah appears to have energetically supported Osama bin Laden and al-Qaeda’s Syria franchise, the al-Nusra Front.

He also appears to have tweeted support for the Islamic State of Iraq and the Levant (Isil.)

The al-Nusra Front last year instructed donors to channel money to it through an organisation closely linked to al-Attiyah.

Al-Attiyah is also associated with Umar al-Qatari, known as the “Wolf of al-Qaeda”. Al-Qatari was named last month by the United States government as a designated terrorist.

In a brief statement, lawyers for al-Attiyah insisted that he had not funded terrorism.

However, they repeatedly refused to deny that he had been arrested and convicted for doing so in Lebanon or that he had written pro-terrorist messages on social media.

The lawyers declined to respond to any further questions about him, despite repeated requests over several days.

Al-Attiyah’s conviction, in June, brings the funding of terrorism closer to the heart of the Qatari government and will increase the growing pressure on the country to end its role as a centre for the funding of global jihad…

Still think that Qatar is a good intermediary for prisoner swap deals in Afghanistan, or for peace negotiations between Israel and its neighbors?  Now we see clearly that Qatar holds the bloody dagger that stabbed Pres. Obama, the State Department, and the CIA in the back in Syria. Will Qatar’s victims learn for this treachery or sit down at the bargaining table to be betrayed one more time?

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Treasury hopes ISIS will go broke on its own

October 28, 2014

In remarks last week (hat tip to @HSPI), Treasury official David Cohen confirmed that the Islamic State of Iraq and Syria makes $1 million a day from oil sales, that it has made $20 million this year in ransoms, and that it makes millions a month from extortion. Cohen laid out plans to counter each facet of ISIS’s funding.

Cohen also acknowledged that some of Treasury’s tools aren’t well suited to the task of bankrupting ISIS, but noted with some optimism that “Attempting to govern the cities, towns and sprawling territory in Iraq and Syria where it currently operates, much less delivering some modicum of services to the millions of people it seeks to subjugate, is expensive,” and that ISIS would ultimately be unable “to meet the cost of governing.”

To support his argument, Cohen cited a journalist with the Carnegie Endowment for International Peace who reckons that, although ISIS is well funded, the budgetary demands of controlling such a large territory exceed even their financial resources. ISIS’s revenues may be $1.5 billion annually, but prior Iraqi budgets for the provinces under ISIS’s control exceeded $2.5 billion per year.

ISIS’s potential budget deficits become even starker when one considers that most of its money isn’t spent on public services. Die Welt has reported (hat tip to Puneet) that just one-third of ISIS’s money is spent on providing basic utilities and social services to the population within its territory, while one-third go to salaries for fighters and employees, and one-third is spent on weapons.

So there is hope that ISIS could be taken down a peg financially, but it won’t be through sanctions and monitoring suspicious financial activity: it could come through diplomacy, military action, and by the harsh realities of governance.

(Thanks to Terrorism Watch, El Grillo, and Red Team Red Queen for sending in news coverage of Cohen’s remarks.)

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5-year anniversary of Money Jihad

October 12, 2014

Five years ago today, the first post of this blog was published.

Since then, Money Jihad has blown the lid off connections among Islamic charities including the Zakat Foundation and Muslim Hands, the close financial relationship between Islamic Relief USA and Islamic Relief Worldwide in Britain, and partnerships between Islamic Relief and the Turkish front charity IHH.

Money Jihad has also documented the relationships between sharia banks and terrorist financing—relationships which were previously only discernible through scattered evidence and rumors.

On top of that, this blog has exposed information that was known in Somalia and Bangladesh about terrorist financing in those countries that had never been reported before to Western readers. On several occasions, this blog has helped give voice to dissidents and expatriates from those and other nations who have shared their knowledge about financial mischief in their home countries with Money Jihad to reach a wider audience.

None of this would have been possible if it weren’t for some wonderful people and organizations. Special thanks to Shariah Finance Watch and Creeping Sharia blogs for putting Money Jihad on the map in the first place. Individual thanks go to the vice president at the Center for Security Policy Christopher Holton, human rights activist Puneet Madaan, and American Center for Democracy fellow Ilan Weinglass who have each done a great deal to expand the reach of this blog.

Without additional support and engagement by 1389 Blog, The Counter Jihad Report, EuropeNews, BlazingCatFur, and other counter-jihad blogs—all wonderful blogs in their own right—in addition to news sites Free Republic, American Thinker, FrontPage Mag, The Washington Free Beacon, The Washington Post, and International Business Times, this blog would never have reached the level of influence or readership that it currently enjoys.

Then there’s the vibrant community of readers, sources, jokers and curmudgeons on Twitter! This whole endeavor would be much quieter and boring without them. A special thanks goes out to all-star Twitter users Rushette, El Grillo, MeanKitteh, Sal, Michael, Jackie, Zac, Jack, and FRamabama for all the support and the wealth of information and insights they provide.

Twitter also allows Money Jihad to mutually follow and connect with noted leaders of the counter-jihad movement including author Tarek Fatah, Act for America organizer Brigitte Gabriel, former Navy officer Dr. Zuhdi Jasser, author Diana West, author Dr. Mark Walia, Gatestone Institute president Nina Rosenwald and terror analysts Patrick Poole and Ryan Mauro. TV stars Roseanne Barr and David Boreanaz have helped too (seriously); and prominent financial crimes experts including anti-money laundering reporter Colby Adams; finance and security analyst Tom Keatinge; anti-money laundering attorney Christine Duhaime; Wall Street Journal risk & compliance reporter Rachel Louise Ensign; terrorism and terror finance expert J.C. Brisard; author Jeffery Robinson; fellow financial crime bloggers Helen Gorman and Eric “Mr. Watchlist” Sohn; and a host of certified public accounts, trade and sanctions lawyers, certified fraud examiners, and certified anti-money laundering specialists.

Thanks also to Rachel Ehrenfeld, Robert Spencer, and Kenneth Rijock. The insights and expertise in their writings have helped shape the perspective of this blog.

Now, friends and readers, it’s time for a two-week break. Hasta luego!

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Top 5 Money Jihad posts

October 7, 2014

This blog has been around for five years next week. Readers may be interested to see what some of the most popular posts here have been. According to WordPress statistics, these have been the five most frequently read/visited posts on this blog to date:

  1. The world’s 20 biggest Muslim NGOs
  2. The world’s 5 richest terror groups
  3. Zakat Foundation & Muslim Hands unite
  4. Islamic tax chart
  5. Welcome to Lilburn, Georgia

Not a bad selection. But we wouldn’t necessarily say those have been our best posts. Now, for the editor’s top 5 favorites:

Lastly, the oddball gallery. These are our top 5 “overlooked” posts—items that, never seemed to gain the traction or readership they deserved. Were these just too weird for popular consumption? You be the judge:

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