Terrorism Financing

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  • Silhouettes of militants atop currency and a map of Iraq, image by Sandra Petitjean/RAND Corporation

    Report

    Foundations of the Islamic State

    May 18, 2016

    A thorough examination of the Islamic State's history and practices is useful for designing a coordinated and effective campaign against it — and for understanding why the group might be able to survive such an effort and sustain itself in the future.

  • Firefighters put out fires at oil wells that were set ablaze by Islamic State militants before they fled the oil-producing region of Qayyara, Iraq, January 28, 2017, photo by Muhammad Hamed/Reuters

    Report

    The Future of ISIL's Finances

    Mar 29, 2017

    ISIL has been described as the wealthiest terrorist group in history. It has developed diversified revenue streams from seizing control of banks, extortion, and trafficking oil. As global counter-ISIL efforts progress, how might the group's finances evolve?

Explore Terrorism Financing

  • A soldier sets up voice intercept equipment during a cyber integration exercise on Joint Base Lewis-McChord, Washington, October 21, 2015

    Commentary

    What Happens After ISIS Goes Underground

    As the Islamic State in Iraq and Syria suffers defeats on the battlefield, it is expanding its cyber presence to continue to encourage attacks abroad. The more the group relies on cyberspace, the more likely it will expose important segments of its organization to detection and disruption.

    May 30, 2017

  • Displaced Iraqi people pass a torn Islamic State banner as the battle between the Iraqi Counter Terrorism Service and Islamic State militants continues nearby, in western Mosul, Iraq, April 23, 2017

    Commentary

    Can the Islamic State Survive Financially?

    Significant gains have been made in attacking the Islamic State's cash and diminishing its ability to finance high-frequency attacks in Iraq and Syria. But the group may retain enough money to support sporadic attacks in the Middle East, North Africa, and Europe.

    May 15, 2017

  • An Iraqi security guard walks inside Al-Salam hospital destroyed during the fighting between Iraqi forces and Islamic State militants east of Mosul, Iraq May 2, 2017.

    Commentary

    The Caliphate Is Crumbling: What Comes Next?

    ISIL's caliphate is crumbling. But unless the U.S.-led coalition can reduce the many possibilities that might give ISIL's down-and-out members a reason to fight on, the militants will continue to contribute to disorder in the region.

    May 3, 2017

  • A person typing on a computer keyboard in a dark room

    Commentary

    Are Terrorists Using Cryptocurrencies?

    As the U.S. Treasury Department and its partners have denied terrorists access to the international financial system, new digital currencies could become an attractive alternative. They could be used for money laundering or to pay the personnel and vendors that keep the terrorist machine running.

    Apr 21, 2017

  • French police secure a street near a travel agency where a gunman took seven people hostage in a robbery, in Paris, France, December 2, 2016

    Commentary

    Crime and Terror in Europe: Where the Nexus Is Alive and Well

    The idea of a crime-terror nexus does appear to be a major threat in Europe, where terrorists and criminals now recruit from the same milieu. Coperation between European law enforcement and intelligence agencies is critical.

    Dec 15, 2016

  • Smoke rises after airstrikes from the U.S.-led coalition against Islamic State militants in a village east of Mosul, Iraq, May 29, 2016

    Commentary

    Cutting the Islamic State's Money Supply

    Airstrikes have hit ISIL tanker trucks, oil fields, refineries, and banks, but it would be a mistake to view the group as a poor man's version of its old self. New steps are needed to counter its multi-million dollar taxation and extortion machine.

    Jul 21, 2016

  • A member of the Peshmerga forces inspects a tunnel used by Islamic State militants in the town of Sinjar, Iraq

    Commentary

    Islamic State May Be Down, but It's Far from Out

    The Islamic State's loss of territory, money, and recruits would seem to demonstrate significant progress by the U.S.-led coalition. But if there is one accepted truism in the battle against the group, it is that its leaders intend to fight to the death to establish an Islamic caliphate.

    May 23, 2016

  • News Release

    Declassified Documents Provide Insight into Origins of the Islamic State and How to Defeat the Group

    Looking at more than 140 recently declassified documents from the predecessors of the Islamic State, it is evident that the group has been operating for years with remarkable continuity in its philosophy, methods, and goals, including the long-standing aspiration for creating a caliphate.

    May 19, 2016

  • An Islamic State flag is seen in this picture, taken February 18, 2016

    Commentary

    The Islamic State's Money Problems

    ISIS now faces considerable money problems. But despite the success of the coalition's counter-terrorist finance measures, it's too early to dismiss ISIS financially.

    Mar 5, 2016

  • Cover of Spotlight on 2015, the RAND Europe annual review

    Brochure

    Spotlight on 2015

    RAND Europe's annual review, Spotlight on 2015, illustrates how our work helps to improve people's lives through policymaking based on objective research and rigorous analysis.

    Jan 26, 2016

  • U.S. President Barack Obama waves at the conclusion of his State of the Union address to a joint session of Congress in Washington, January 12, 2016

    Blog

    State of the Union 2016: Insights on Obama's Last Address

    RAND research, analysis, and expertise provide context for many of the issues discussed in President Barack Obama's final State of the Union address, including the threat of ISIS, global climate change, and bringing peace to Syria.

    Jan 13, 2016

  • Testimony

    The Role of Oil in ISIL Finances: Addendum

    Document submitted on January 6, 2016 as an addendum to testimony presented before the Senate Energy and Natural Resources Committee on December 10, 2015.

    Jan 6, 2016

  • Financial system representation

    Report

    The National Security Implications of Virtual Currency

    Could a non-state actor deploy a virtual currency to disrupt sovereignty and increase its political or economic power? How might a government or organization successfully disrupt such a deployment?

    Dec 16, 2015

  • Barrels of fuel are displayed inside a damaged, non-functioning petrol station in Aleppo, Syria, January 13, 2015

    Testimony

    The Role of Oil in ISIL Finances

    Sales of oil and refined oil products are the most important single source of recurrent revenues for ISIL. Targeting ISIL's oil loading facilities and heavy trucks can weaken the group, but this alone will not lead to its demise.

    Dec 10, 2015

  • Marines scan the area for insurgent activity during a general support flight over Helmand province, Afghanistan

    Commentary

    To Defeat ISIS, Focus on Its Real Sources of Strength

    The threat ISIS poses today is graver than ever for two reasons: its war chest and its ability to attract foreign recruits are both at their peak. Redoubling international efforts to cut off ISIS from these two pillars of its war machine is necessary to sap the group's strength.

    Dec 4, 2015

  • News Release

    Coalition Against the Islamic State Must Degrade the Group's Finances and Leadership

    Even before 2012, much was known about how the Islamic State financed and organized itself, established territorial control, and responded to airpower. That knowledge offers new insights into the group's weaknesses and guidance for combating it.

    Sep 28, 2015

  • Fighters of al-Qaeda linked Islamic State of Iraq and the Levant carry their weapons during a parade at the Syrian town of Tel Abyad January 2, 2014

    Report

    Coalition Against the Islamic State Must Degrade the Group's Finances and Leadership

    Even before 2012, much was known about how the Islamic State financed and organized itself, established territorial control, and responded to airpower. That knowledge offers new insights into the group's weaknesses and guidance for combating it.

    Sep 28, 2015

  • Argentine policemen escort Henry de Jesus Lopez Londono, alleged leader of a Colombian drug trafficking group, outside a courthouse in Buenos Aires October 31, 2012

    Commentary

    The Strategic Value of Terrorism

    While terrorists and criminals joining forces is certainly a scary thought, it's nothing new and not something that works as simply in practice as it does on a white board. Still, it's a threat worth watching.

    Aug 31, 2015