US Treasury targets ISIL-affiliated money services businesses

syria-flag-1The US Treasury has designated Iraq-based Selselat al Thahab Money Exchange, Syrian ISIL financier Fawas Muhammad Jubayr al-Rawi, and his Syria-based company Hanifa Currency Exchange in Albu Kamal as Specially Designated Global Terrorists.  These are the first US actions specifically targeting ISIL-affiliated money services businesses. The details are here.

Selselat is said to have facilitated the movement of millions of US dollars into accounts belonging to an ISIL’s financier’s company, and used a network of subsidiaries to transfer money on behalf of terrorist groups in Syria to make it appear as though the money was being transferred within the company’s network.  al-Rawi is allegedly an ISIL finance emir and senior financier who operated a branch of Hanifa Currency Exchange in Syria, using it exclusively to hold and transfer large quantities of cash for ISIL, conduct weapons and ammunition deals, and pay ISIL fighters.

In the US Treasury’s press release, Acting Undersecretary for Terrorism and Financial Intelligence Adam Szubin said that “we will continue to work aggressively to deny ISIL access to the international financial system”.

This entry was posted in Terrorist Sanctions, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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