Tag Archives | terror financing

US Ambassador discusses Money Laundering, Terror Financing

By John Lee. The Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb Mokhif, received the US Ambassador to Iraq, Alina Romanowski and her accompanying delegation on Monday. He reviewed the efforts of the CBI to support development through monetary policy tools and the direct impact of its initiatives on the real sector progress, […]

Iraq asks Germany to Help with Removal from EU Blacklist

Foreign Minister Calls on his German Counterpart to Support the Removal of Iraq from List of High-risk Countries in Money Laundering and Terrorist Financing Iraqi Foreign Minister Mr. Fuad Hussein received a phone call from German Foreign Minister Mr. Heiko Maas. The two Ministers discussed bilateral relations between the two countries, and the prospects for […]

US Treasury Sanctions Iraq-based Money Services Business

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions today on Afaq Dubai, an Iraq-based money services business (MSB) that has been moving money for the Islamic State of Iraq and Syria (ISIS). Today’s designation follows action taken by the Department of Defense—announced on October 11—against a key ISIS financial […]

Central Bank runs course on Combating Money Laundering

By John Lee. The Central Bank of Iraq (CBI) has organized a course on combating money laundering, terrorism financing, compliance and risk management. The course was held from 17th to 20th September at the Central Bank building, under the supervision of the banking studies center. Sixty-one employees from government, private banks and money transfer companies […]

ISIS Suffer New Funding Crisis

By Simon Kent. A think tank has estimated that the so called Islamic State have suffered another major blow to their finances, losing another 30% of their income in the course of a year. The news comes after reports in January that the group slashed the salaries of fighters by over half. In that respect, […]

US Kills ISIS "Finance Chief"

By Simon Kent. The US air force has eliminated Abu Saleh, the financial coordinator of ISIS (also known as Daesh) in an air strike at the end of November. US military spokesman Col. Steve Warren announced the strike, noting that Abu Saleh was "a legacy al Qaeda member." The strike was one of a series […]

US Strike Destroys 100 ISIS Fuel Tankers

By Simon Kent. A wave of US aircraft, including A-10 bombers which can fire thousands of exploding canon shells per minute, have destroyed 116 ISIS fuel tankers near the Iraqi border in Syria. The operation at Albu Kamal (the Iraqi side of the border is Al Qaim), code named Tidal Wave II, targeted a gathering […]

ISIL's Financial Strength

By Patrick Schmidt. For a terrorist organization, the Islamic State of Iraq and the Levant (ISIL) follows relatively normal business practices. It may come as a surprise to those not familiar with the group, but the organization has published an annual report revealing its secrets to success and longevity. ISIL is thought to earn at […]

ISIL Oil Riches?

By Patrick Schmidt. In addition to current energy holdings in Syria, the Islamic State of the Iraq and the Levant (ISIL) holds seven different oil fields in Iraq. This past month the militants seized Ain Zalah and Batma oil fields. They had previously gained control of Najma, Qayara, Himreen, Ajeel and Balad oil fields. The […]