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.

  • An Islamic State flag is seen in this picture, taken February 18, 2016, photo by Dado Ruvic/Reuters

    Commentary

    The Islamic State's Money Problems

    Mar 5, 2016

    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.

Explore Terrorism Financing

  • 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

  • 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

    Report

    The Future of ISIL's Finances

    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?

    Mar 29, 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

  • 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

  • A poster of Ayatollah Ali Khamenei, Hezbollah Secretary-General Sayyed Hassan Nasrallah, and others behind Iranian, Syrian, Lebanese, and Hezbollah flags during Resistance and Liberation Day celebrations in Bint Jbeil, Lebanon, May 25, 2014

    Commentary

    Global Terror Network Will Get a Boost from Iran Nuclear Deal

    Iranian sponsorship of terrorist organizations cannot be divorced from the negotiations because the sanctions that will be lifted provide new sources of funding to reinforce the Iran threat network. A global strategy to address the Iran threat network is essential to stability in the region.

    Jul 15, 2015

  • Sunni tribal fighters stand guard near a school used as a shelter for displaced people in the city of Ramadi, April 11, 2015

    Commentary

    The Enemy You Know and the Ally You Don't

    Arming Iraq's Sunni militias to fight the Islamic State may seem like a quick fix, but newly declassified documents suggest it might only add fuel to the fire.

    Jun 23, 2015

  • Commercial Book

    Terrorism, Inc.: The Financing of Terrorism, Insurgency and Irregular Warfare

    This in-depth, historical analysis of terrorism investigates the major funding streams of terrorists, insurgents, guerrillas, warlords, militias, and criminal organizations throughout the world.

    Jun 15, 2015