U.S. Treasury Department Agency Issues Alert Regarding Hamas Crypto Fundraising Efforts for Financial Institutions
U.S. Treasury Department Agency Urges Financial Institutions to Actively Combat Potential Hamas Funding Streams
The Financial Crimes Enforcement Network (FinCEN), responsible for monitoring money laundering and terrorism financing, has issued an alert highlighting that Hamas' recent attack on Israel received funding from an illicit financial network involving both traditional and cryptocurrency payment methods.
According to FinCEN, Hamas employs various fundraising methods, including support from Iran, private donations, global investments, diverting aid from legitimate charities, controlling border crossings, engaging in racketeering, extortion, and launching fundraising campaigns utilizing virtual currency and fictitious charities to raise both traditional and digital currencies.
The U.S. Treasury Department is calling upon financial institutions to report any suspicious transactions that may be linked to the Palestinian Islamist group and to be vigilant in identifying potential signs of involvement in terrorist financing activities.
In a related development, Israeli law enforcement authorities recently took action by closing over 100 Binance accounts and seizing cryptocurrency assets worth millions as part of efforts to disrupt funding to Hamas. The group has previously sought to use Bitcoin (BTC) for fundraising, attempting to circumvent U.S. sanctions.
Oct 24, 2023