April 15, 2019

ISIS financing network targeted by OFAC

One entity and seven individuals have been designated by the Office of Foreign Assets Control of the US Department of the Treasury for facilitating financial transactions for the Islamic State of Iraq and Syria.  The designations, issued pursuant to Executive Order 13224, coincide with the eleventh meeting of the Counter-ISIS Finance Group (CIFG), a 54-nation group working to isolate ISIS economically and eliminate its sources of income.  They target a Syria-based money services business that belongs to the Rawi Network, members of which were designated in October 2018.  The designated entity, Al-Ard Al-Jadidah Money Exchange Company, serves ISIS members in Iraq.  The seven designated individuals are located in Belgium, Iraq, Kenya and Turkey.

As a result of the designations, US property interests of the designated entity and individuals will be blocked, and transactions by US persons involving such interests are prohibited.

US Dept. of the Treasury press release