Financial safety

200 'Secret Bankers' Facilitate Money Flow to ISIS

France has identified 150 to 200 "secret bankers" who have been facilitating the flow of money for ISIS in Lebanon and Turkey, announced the Financial Intelligence Unit (TRACFIN).

TRACFIN director, Bruno Dalles stated that the unit had worked on the identification of 150 to 200 of those individuals who are mainly based in Lebanon and Turkey who send money for ISIS enabling it to continue with its operations.

"These secret bankers of ISIS receive funds that are clearly aimed at allowing the group to continue operating," he said, in his yearly report on money laundering and terrorist financing risks.

Dalles pointed out that the challenge for TRACFIN now is to locate the new funders of the terrorist organization that is relying more on foreign funding.

Financial Intelligence Unit (TRACFIN) was established in 1990, and is a department affiliated to the French Ministry of Economy, Finance, and Industry and is in charge of combating money-laundering and terrorist financing. It aims to fight against illegal financial operations, money laundering, and terrorism financing.