ISIS continues to fundraise despite having a number of revenue sources cut off, according to a recent report released by House Homeland Security Committee Chairman U.S. Rep. Michael McCaul (R-TX).
The report, titled “Cash to Chaos: Dismantling ISIS’ Financial Infrastructure,” details how ISIS continues to generate a large amount of revenue through seven key funding points – black market oil, kidnapping for ransom, assistance from volatile Gulf-area regimes, antiques, extortion, taxation from local communities, and robbery.
The report estimates that ISIS has raised approximately $1 billion in 2015, approximately half of which came from the sale of black market oil and gasoline.
“ISIS’ march across the globe is fueled not just by a hateful ideology—but by a constant cash flow,” McCaul said. “We cannot destroy the group without first disrupting its funding streams. Unfortunately, the Obama administration has failed go after these income sources hard enough, which is why I have proposed several recommendations to put us on a path for success. Without more aggressive action, ISIS will continue bankrolling its unprecedented pace of global terror and brutality — keeping America in the crosshairs.”
The report also noted the lack of a comprehensive strategy by the U.S. government to counter ISIS fundraising, the reliance of a patchwork system in prosecuting financial crimes by foreign countries and evidence that ISIS has been able to adapt its sources of fundraising.