WASHINGTON, D.C. — In a report released on Wednesday, the U.S. Department of the Treasury said that the Islamic State (ISIS) are still economically prospering from sources of finance in Turkey, noting that the group may have up to $100 million available in cash reserves across the region.
ISIS terrorists often collect money and send it to intermediaries in Turkey who smuggling money to Syria, the Treasury’s report said, noting that ISIS’s financial situation has not changed significantly compared to the previous quarter.
The Treasury Department also revealed that ISIS continue to raise money by blackmailing oil smuggling networks in eastern Syria, kidnapping civilians for ransom, theft, and cash smuggling between Syria and Iraq.
At the end of its report, the Treasury Department noted that ISIS relied on financial services companies, especially remittances, to transfer money between Iraq and Syria as well as internationally, often relying on logistical centers in Turkey. According to the report, ISIS may have up to $100 million available in cash reserves across the region.