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Sanctions Target Hamas-Linked Individuals, Crypto Exchange, and Illuminate Crypto’s Role in Funding Terrorism
- The US Treasury imposes sanctions on key Hamas-linked figures across multiple regions.
- Gaza-based crypto exchange “Buy Cash” and its operator targeted in efforts to curb crypto-fueled terror funding.
- Blockchain analytics reveal extensive crypto transactions, underscoring the challenges of tracking illicit financing.
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The sanctions imposed by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) extend beyond individuals and entities. They also target a Gaza-based crypto exchange called “Buy Cash Money and Money Transfer Company” (Buy Cash) and its chief operator, Ahmed M. M. Alaqad.
The significance of this move lies in its impact on tracking cryptocurrencies linked to terror activities. By sanctioning Buy Cash and Alaqad, the US Treasury aims to disrupt the financial channels that Hamas and similar organizations may exploit through cryptocurrencies. The sanctions include freezing the assets that belong to Buy Cash and Alaqad under US jurisdiction. Moreover, these sanctions prohibit US individuals from engaging in transactions with them, and companies or individuals that continue to associate with these sanctioned entities risk facing US sanctions themselves.
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Sanctioned Individuals and Entities
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned several individuals and entities connected to Hamas. Those targeted by the sanctions include:
- Musa Muhammad Salim Dudin: Dudin is a representative of Hamas’s Political Bureau and Investment Office.
- Abdelbasit Hamza Elhassan Mohamed Khair: Khair is a Sudan-based Hamas financier with a history of multi-million dollar transactions favoring the terror outfit.
- Amer Kamal Sharif Alshawa: Alshawa plays a crucial role within Hamas’s investment network in Turkey.
- Ahmed Sadu Jahleb: Jahleb is another key operative within Hamas’s investment network in Turkey.
- Aiman Ahmad Al-Duwaik: Al-Duwaik holds a significant role within Hamas’s investment network in Algeria.
- Walid Mohammed Mustafa Jadallah: Jadallah is also designated for his crucial roles within Hamas’s investment network in Algeria.
- Muhammad Ahmad ‘Abd Al-Dayim Nasrallah: Nasrallah is a Qatar-based Hamas affiliate with close Iranian connections.
- Ayman Nofal: Nofal is a central figure in Hamas’s military operations.
These individuals played various roles within Hamas’s financial network in different regions. They were involved in financial transactions that supported the activities of the terror outfit, thereby undermining the group’s sources of revenue. The sanctions imposed by the US Treasury aim to disrupt their financial operations and curtail terror financing.
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US Treasury’s Commitment to Curtail Terror Financing
Secretary of the Treasury, Janet L. Yellen, has made a resounding statement concerning the unwavering commitment of the United States in curtailing terror financing. Her words emphasize the seriousness with which the US government approaches this critical issue.
Yellen stated, “The US Treasury has a long history of effectively disrupting terror finance, and we will not hesitate to use our tools against Hamas. We will continue to take all steps necessary to deny Hamas terrorists the ability to raise and use funds to carry out atrocities and terrorize the people of Israel.”
This declaration underscores the dedication of the US Treasury to disrupting the financial networks that support terror organizations. It’s a commitment aimed at preventing these groups from acquiring the necessary resources to carry out their destructive activities. This mission extends beyond the recent sanctions on individuals, entities, and crypto exchanges associated with Hamas; it is part of a broader strategy employed by the US Treasury to ensure that terror financing is curtailed effectively.
Hamas, like other organizations, has explored the use of cryptocurrencies for financial transactions. However, they later decided to avoid crypto donations due to concerns related to traceability and the potential for seizure of funds. This decision was likely influenced by the increasing scrutiny and regulation of cryptocurrency transactions, making it more challenging for groups to use digital assets without being detected.
Blockchain analytics firm Elliptic has conducted research in this area. Although the Office of Foreign Assets Control (OFAC) listed only one specific Bitcoin address linked to the Gaza-based crypto exchange “Buy Cash Money and Money Transfer Company,” Elliptic identified several other addresses used by the exchange across Bitcoin and different blockchains. These addresses have received cryptocurrencies, including Bitcoin and Tether, worth more than $25 million since 2015.
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