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Terrorism Financing

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Report
How to Track and Disrupt the Illicit Antiquities Trade
The sale of stolen cultural property provides an important funding source for terrorist organizations and rogue states. New evidence compiled from numerous open sources shows how the illicit antiquities market operates and ways law enforcement might be able to disrupt it.
May 12, 2020
Report
U.S. Efforts Are Essential to Counter an Islamic State Comeback
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.
Aug 8, 2019

Explore Terrorism Financing

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
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
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
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
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
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
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
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
Report
Foundations of the Islamic State
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.
May 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
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
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
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
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
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
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
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

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Terrorism Financing