Terrorist Groups Use South African Financial System to Move Money – Africa Bitcoin News

It is alleged that sympathizers of the Islamic State (ISIS) use the South African financial system to transfer funds to the groups and networks affiliated with the organization in Africa. The US government has so far imposed sanctions on four South African individuals it accused of facilitating the transfer of funds to African terrorist groups.

Millions of dollars laundered

A new United Nations Security Council (UNSC) document alleges that affiliates of the Islamic State (IS) in Africa are using South Africa’s financial system to mobilize and launder millions of dollars.

According to Bloomberg ReportSome Kenyan and Ugandan sympathizers with the terrorist group are said to be raising funds in countries such as South Africa. The money is then transferred to a rebel group operating in the Democratic Republic of the Congo.

The report said that while the Islamic State is believed to operate transactions involving global subsidiaries, the financing of subsidiaries in Africa is usually done by the terrorist group’s office in Somalia. However, according to an unnamed (UN) member of the state, South Africa has emerged as an important hub for “facilitating the transfer of funds” from the group to its affiliates in places including the Democratic Republic of Congo, Mozambique and Nigeria.

According to the report, “the United Nations Monitoring Team is aware of several large transactions totaling more than $1 million.” The United Nations Security Council document revealed, according to the report, that the US government has so far sanctioned four people residing in South Africa accused of using the country’s financial system to “facilitate the financing of ISIS branches and networks across Africa.”

Allegedly, terrorist groups are seeking cryptocurrency donations

However, despite being watched, African terrorist groups continue to fund millions of dollars from their backers. According to the report, al-Shabab – affiliated with the Islamic State’s rival al-Qaeda – is believed to receive $24 million annually earmarked for acquiring weapons. In general, young people are believed to earn between $50 million and $100 million.

Meanwhile, the UN Security Council document also claimed that both the Islamic State and Al-Qaeda may seek to receive donations in the form of cryptocurrency.

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Terence Zimoara

Terence Zimoara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

photo credits: Shutterstock, Pixabay, Wikicommons

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