October 16, 2023—Since 2007, Israel has imposed an air, land, and sea blockade of the Gaza Strip. But that hasn’t stopped the Hamas from getting access to hundreds of millions of dollars.
The terrorist organization and governing body of Gaza has access to a global financing network connected with countries, businesses, and charities, according to reporting by Reuters.
Now, in the aftermath of the Hamas attack on Israel, those lines of finance will come under greater scrutiny by governments, international organizations, and banks.
Crypto, Credit, and Trade
Reuters reported that Hamas receives support from Iran and Qatar as well as charities. Furthermore, it exchanges money with cryptocurrencies, credit cards, and trade deals to avoid international restrictions.
Earlier this year, Israel seized “tens of millions of dollars” from Hamas-linked crypto accounts.
Meanwhile, the organization receives support from governments. Iran reportedly gives $100 million a year to Palestinian groups, including Hamas. Qatar is a big financial backer of the Gaza Strip and Hamas. Qatar runs a fuel-for-cash scheme through Egypt and Israel. The Qatari government also provides funds to the population through the United Nations, the Times of Israel reported in 2021.
Terrorist Financing Blocked, In Part
Hamas is a Palestinian branch of the Muslim Brotherhood. It is designed as a terrorist organization by the U.S. government as well as Britain, Canada, Australia, Japan, the European Union, Israel, and Paraguay. The group’s charter ” charter calls for establishing an Islamic Palestinian state in place of Israel and rejects all agreements made between the PLO and Israel,” according to the U.S. Director of National Intelligence.
In 2006, the group won legislative elections, in a blow to the secular Fatah party’s hold on governing in the Palestinian territories. Hamas now controls Gaza.
Since 2001, it has been subject to U.S. sanctions.
Hamas Network Of Businesses
Hamas also runs a secret network of companies with an investment portfolio of $500 million, according to Reuters. At least some of those firms came under U.S. sanctions in May 2022.
In a press release at the time, the U.S. State Department said it was targeting “an expansive network of three Hamas financial facilitators and six companies across the Middle East and North Africa.” The network generated revenue through its international investment portfolio. According to a U.S. Treasury Department release, the companies were located in Sudan, Turkey, Saudi Arabia, Algeria, and the United Arab Emirates and held more than $100 million in assets.
