ISIS using currency speculation to fill coffers

The Islamic State (ISIS or ISIL) has relied heavily on theft, extortion and oil smuggling to bankroll its activities. The group, according to a Telegraph report, has also taken to the currency markets to fill its coffers.

Read: Banks now liable for harbouring terrorist money

“The terror group is earning up to $20m (£14.29m) a month by funnelling dollars looted from banks during its takeover of the Iraqi city of Mosul into legitimate currency markets in the Middle East,” says the report. “It then makes huge returns on currency speculation, which are then wired back via unsuspecting financial authorities in Iraq and Jordan, a [U.K.] parliamentary committee was told on Wednesday.”

Efforts are now underway to shut the activity down.

Read more here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.