Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."




Join Us for Dinar Discussions and More -- We Keep it REAL
 
HomeSearchFAQLog inRegister
Post new topic   Reply to topic
Share | 
 

 ISIS 'making millions' by gaming forex markets

View previous topic View next topic Go down 
AuthorMessage
RamblerNash
GURU HUNTER
GURU HUNTER
avatar

Posts : 5645
Join date : 2015-02-19

PostSubject: ISIS 'making millions' by gaming forex markets   Thu Mar 17, 2016 10:00 pm

ISIS 'making millions' by gaming forex markets


Holly Ellyatt | @HollyEllyatt
Thursday, 3 Mar 2016 | 3:50 AM ETCNBC.com

The militant group that calls itself Islamic State (ISIS) is exploiting national banking operations in Iraq and could be making up to $25 million a month in Middle Eastern money markets, according to experts.

Speaking to a U.K. parliamentary subcommittee set up to examine how Britain could help disrupt ISIS financing, experts told the panel that as well as making money from oil smuggling, taxation and extortion, ISIS was exploiting loopholes in existing financial operations in the Middle East to make millions.

David Butter, an associate fellow at policy institute Chatham House, told the committee, which was held in in February with notes published on Wednesday, that "the Iraqi central bank foreign currency auction systems are an area that needs to be investigated very strongly" as ISIS was using those systems to earn money on the foreign currency markets.

Asked how the operation worked, Butter said Iraqi dinar funds taken by IS from civil servant's pensions and banks in Mosul (which is under IS control) were siphoned off through Jordanian banks and then back into Iraq through Ramadi (a former ISIS stronghold) and then "back into the Baghdad system" through a transfer system called "Hawala" – described as an alternative remittance channel that exists outside of traditional banking systems.




ALI AL-SAADI/AFP/Getty Images

An Iraqi man checks the authenticity of a 25,000-dinar bill.

"So when the Iraqi Government does its regular foreign currency auctions, the ISIS money is inserted into that system and they can make a margin on the differences between the various exchange rates there and send it back into their areas through Hawala operatives. This is the way money moves in the Middle East," Butter said.

The international coalition against ISIS which includes the U.S., U.K. and a number of other Western countries needed to co-ordinate with the "Iraqi Government on what kind of procedures can be made to make that whole trade watertight, because it is not at the moment," Butter said.



Millions in ISIS cash destroyed in US  airstrike

"Credible estimates I have seen are that there are sustainable, ongoing revenues coming out of the Iraqi money markets that Islamic State is still managing to earn $20 million to $25 million a month out of."

The experts, which also included Tom Keatinge from the Centre for Financial Crime and Security Studies at RUSI and Luay al-Khateeb, executive director of the Iraq Energy Institute, dismissed notions that ISIS' main source of revenue was still oil, saying that the media had distorted the amount of money the group could make from its oil operations.

Butter said that, in his view, "the biggest source of funding for the Islamic State is what was accumulated prior to 2014—the war chest from Mosul and the operations in Iraq."



How US and Russian arms fell into ISIS'  hands

"Those funds were derived from a wealthy state system and were circulated through the Iraqi financial system—particularly through the Central Bank of Iraq's currency auctions. There are financial transactions that have been investigated, but I don't think have been completely stopped, that relate to the war chest that was built up in Iraqi dinars and was then processed through into various dollar flows."


http://www.cnbc.com/2016/03/03/is-making-millions-by-gaming-forex-markets.html
Back to top Go down
View user profile Online
pop090



Posts : 7
Join date : 2017-01-23

PostSubject: Re: ISIS 'making millions' by gaming forex markets   Mon Mar 20, 2017 6:17 am

How ISIS making money with Forex. I think this money can be use in terrorist’s activities and can harm the peace of world. So governments should take action and should stop these activities. This fund should be investigated and stopped to use against the government.


http://alpari.com/vi/ 
Back to top Go down
View user profile
 
ISIS 'making millions' by gaming forex markets
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You can reply to topics in this forum
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS-
Post new topic   Reply to topicJump to: