h1

10 biggest terror finance news stories of 2014

December 30, 2014
  1. The Islamic State of Iraq and Syria rebounded from a weaker financial position to amass $3 billion in annual income after taking over Fallujah in January and Mosul in June. Its diversified portfolio makes ISIS the world’s best funded terror group. Western allies are trying to cut off ISIS’s money, but admit that the best case scenario is that ISIS will run out of cash on its own.
  2. Treasury undersecretary David Cohen announced in March that “Qatar, a longtime U.S. ally, has for many years openly financed Hamas,” and that it is financing terrorists in Syria. These comments were followed up by former MI6 spy chief Richard Dearlove’s statement in July that “substantial and sustained funding” for ISIS comes from Saudi Arabia and Qatar. At least 5 but probably dozens more prominent Qataris are involved in the financial pipeline to Al Qaeda affiliates.
  3. The 4,500 rockets fired by Hamas toward Israel from July to August were financed and supplied by Iran and Qatar, further calling into question the wisdom of Iranian nuclear negotiations and periodic U.S. communications through Qatari diplomats for outreach to the Taliban.
  4. A ban from Israel and a designation as a terrorist entity by the U.A.E. made 2014 an annus horribilus for Islamic Relief Worldwide (IRW). The world’s largest Islamic charity was also tarnished by revelations that its German subsidiary has worked with a Hamas-connected charity in Syria and that IRW’s U.S. subsidiary, IR-USA, was documented to have given $118,000 to terror-linked groups.
  5. Turkey’s role in financing terrorism spilled out into public view after paying $800 million to ISIS for oil. Turkey’s 2014 corruption scandal also revealed the extent of their involvement in Iranian sanctions evasion. Turkish president Erdogan’s support for Al Qaeda financier Yasin al-Qadi led his removal from U.S. terror blacklists.
  6. Arab Bank was found liable in Linde v. Arab Bank, PLC in September for funding 24 terrorist attacks by Hamas. The case sets a powerful legal precedent for victims’ families to seek justice against Middle Eastern banks involved in financing terror.
  7. A bill to declassify 28 pages of a Congressional report into 9/11 gained 20 new co-sponsors in 2014. The redactions deal with money given by Saudi officials and agents to the hijackers.
  8. Sharia banker and Islamist militant financier Mir Quasem Ali was sentenced to death by a war crimes tribunal in November for 8 torture sessions he oversaw against Bangladeshis in 1971. Ali’s involvement highlighted the intersection between Saudi money, violent Islamist groups, and sharia-compliant banking.
  9. Boko Haram kidnapped 200 girls in April, possibly for financial reasons, as suggested by Boko Haram’s demands for a ransom from the Nigerian government and from the girls’ families. Other motives include sex and household work and the prospect of money and prisoner swaps.
  10. An outspoken singer and fierce critic of terror finance, Saado Ali Warsame, was slain in Somalia in July. Warsame previously called upon fellow Somalis to refrain from using the remittance company Dahabshiil because of the firm’s role in funding terrorism. Warsame alleged before her death that the company offered a contract for her assassination.

Newer Money Jihad readers may also want to look back at our biggest stories of 2013, 2012, and 2011 to see how the threats are evolving over time.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: