US imposes sanctions on Iraq-based money exchange for ISIS ties

The Treasury action followed a Pentagon decision on October, 11 targeting a financial group supporting ISIS. (Shutterstock)

The US Treasury imposed sanctions on Wednesday on an Iraq-based money services business, Afaq Dubai, believed to be moving funds for ISIS extremist group.

The Treasury’s Office of Foreign Assets Control added the business to its list of specially designated global terrorists for “assisting in, sponsoring or providing financial, material or technical support” for ISIS, the department said in a statement.

The Treasury action followed a Pentagon decision on October, 11 targeting a financial group supporting ISIS.

The Treasury said the moves are part of a broader US effort to target a network of money services businesses that enable ISIS to carry out operations across the Middle East.

In September, the Treasury took action against ISIS financial facilitators with ties in the Caribbean and the Middle East. It took action against a money exchange group in Syria in December 2016.

The Treasury said Afaq Dubai is located in Iraq and does not have branches in the United Arab Emirates, despite its name.

Afaq Dubai is run by two ISIS financiers and as of early 2018 was laundering money for the group and providing money for families in the group, the Treasury said.

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Last Update: Wednesday, 20 May 2020 KSA 14:03 - GMT 11:03
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