Terrorism Financing

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  • Armed fighters over a background of Syrian, Iraqi, and U.S. currencies and gold ingots, photos by zabelin, Cimmerian, Vitoria Holdings LLC, and johan10/Getty Images

    Report

    U.S. Efforts Are Essential to Counter an Islamic State Comeback

    Aug 8, 2019

    The Islamic State can no longer rely on local funding sources as it did when it controlled territory. But as an insurgency, its expenses are far lower. With revenue from criminal activities and the cash it hoarded, the group will survive as a clandestine terrorist movement. Counterfinance, intelligence, and possibly military action will be needed.

  • Mock Bitcoins are displayed in Berlin, January 7, 2014, photo by Pawel Kopczynski/Reuters

    Report

    Terrorist Use of Cryptocurrencies

    Mar 27, 2019

    Counterterrorism finance strategies have reduced terrorist access to official currencies. Will terrorist groups therefore increase their use of digital cryptocurrencies? New ones have emerged, including some that claim to be more private and secure than Bitcoin, but they also have limitations that make them less viable.

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  • News Release

    News Release

    Follow the Money: How the United States Can Counteract the Islamic State's Plans for a Comeback

    With the end of its territorial caliphate, the Islamic State will almost certainly attempt a comeback. Such efforts will require money. A new RAND report examines the group as an insurgency and a self-styled caliphate, with a focus on how the group managed its finances, drawing from the literature, the group's documents, and interviews with individuals who lived under the caliphate.

    Aug 8, 2019

  • A destroyed building with a wall painted with the black flag commonly used by Islamic State militants, is seen in the town of al-Alam, Iraq, March 10, 2015

    Commentary

    ISIS's New Plans to Get Rich and Wreak Havoc

    Although the Islamic State has lost nearly 98 percent of the territory it once controlled, it is ripe for a comeback in Sunni-majority areas of Iraq and Syria. The group has proven that it is capable of making money even without controlling large population centers.

    Oct 10, 2018

  • Multimedia

    An Overview of Current Trends in Terrorism and Illicit Finance

    An overview of testimony by Colin P. Clarke presented before the House Financial Services Committee, Subcommittee on Terrorism and Illicit Finance on September 7, 2018.

    Sep 7, 2018

  • French President Emmanuel Macron gives a speech at an international conference to discuss ways of cutting funding to terrorist groups, at the OECD headquarters in Paris, France, April 26, 2018

    Testimony

    Current Trends in Terrorist Financing

    How do terrorists generate income? And how might ISIS, the wealthiest group in history, seek to use its funds to make a comeback? Terrorist financing has evolved, making it difficult to counter. But these efforts must continue to keep ISIS isolated from external patrons and state sponsors.

    Sep 7, 2018

  • A drone flies over the ocean at dawn

    Commentary

    New Technologies Could Help Small Groups Wreak Large-Scale Havoc

    Lone wolves or small groups could use emerging technologies, such as drones or AI, for nefarious purposes. The threat is even greater when these technologies are used along with disinformation spread over social media.

    Jun 18, 2018

  • Mosul in March 2016, under Islamic State control, when nighttime lighting had fallen by 55 percent compared to its pre-ISIS levels in January 2014

    Essay

    What Life Under ISIS Looked Like from Space

    Satellite images show how ISIS attempted to govern in Iraq and Syria, the economic damage the group left behind, and what it will take to rebuild.

    Jan 9, 2018

  • Newspapers from February 2002 display a photo of Ahmed Omar Saeed Sheikh, who was wanted for the kidnapping and murder of U.S. reporter Daniel Pearl

    Report

    Does the U.S. No-Concessions Policy Deter Kidnappings?

    The U.S. no-concessions policy has not produced any noticeable decline in the number of kidnappings of Americans. The most important factor appears to be the fate of the kidnappers. Where they are apprehended and face stiff penalties, and their gangs and groups are destroyed, kidnappings decline.

    Jan 8, 2018

  • Iraqi security forces stand guard in an oil refinery, north of Baghdad, in Baiji, Iraq, October 16, 2015

    Q&A

    Oil, Extortion Still Paying Off for ISIS

    ISIS's oil revenues declined from a peak of $40 million per month in 2015 to $4 million per month as of early October 2017. Despite the massive reduction, it's still a substantial amount of money for a group whose expenditures decrease with the size of the population and territory it controls and decreased recruitment.

    Oct 27, 2017

  • News Release

    News Release

    Satellite Imagery Analysis Reveals Economic Decay Within Islamic State

    The Islamic State contributed to a 23 percent reduction in the GDP of cities under its control, based on novel applications of satellite-derived data. Over the course of its peak territorial control and decline through mid-2016, the economy of the Islamic State showed clear signs of decay across multiple sectors.

    Sep 13, 2017

  • A man and a boy ride a bicycle past a damaged mosque along a deserted street filled with debris in Deir al-Zor, Syria, March 5, 2014

    Report

    ISIL's Negative Economic Impacts on Iraq and Syria

    The Islamic State reduced the GDP of cities under its control by 23 percent. The group was able to maintain stable conditions in parts of Mosul and Raqqah, but conditions elsewhere deteriorated under poor governance and an inability to defend its territory from military opposition.

    Sep 13, 2017

  • Hezbollah fighters stand near military tanks in Western Qalamoun, Syria August 23, 2017

    Commentary

    Hezbollah Has Been Active in America for Decades

    Hezbollah has been active inside the United States for decades, engaging in a range of activities that include fundraising and money laundering. The U.S. and its allies should continue to combat the financing of terrorism and take action against the funding of terrorist groups on U.S. soil.

    Aug 28, 2017

  • Libyan authorities accused al Qaeda of trying to smuggle 37 million tablets of the synthetic opiate Tramadol which were seized from a shipping container in Tripoli, March 3, 2011

    Commentary

    ISIS Is So Desperate It's Turning to the Drug Trade

    As the Islamic State loses territory, it is forced to seek new revenue streams to exploit, including drug trafficking. Proceeds garnered from peddling narcotics affords jihadis in Europe the financial flexibility to travel to Syria, to fund attacks, and to pay for their return trips home.

    Jul 25, 2017

  • A student in the Army's first Cyber Basic Officer Leader Course uses a field computer to probe for a targeted wireless network signal during a field training exercise at Fort Gordon, Georgia, February 1, 2017

    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

  • 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