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Terrorism Financing

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  • Silhouettes of militants atop currency and a map of Iraq

    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

    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

  • 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

    Commentary

    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 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

    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