Terror Groups Using South African Financial System to Move Funds – Africa Bitcoin News

Sympathizers of the terror group, the Islamic State (IS) are allegedly using South Africa’s financial system to channel funds to the group’s affiliates and networks in Africa. Up to now, the United States has sanctioned four South Africans it believes were involved in facilitating money transfers to African terror organizations.

Millions of dollars are being laundered

According to a new UNSC (United Nations Security Council) document, affiliates in Africa of the Islamic State are using South African’s financial system as a way of laundering millions of dollars and mobilising them.

According to a Bloomberg report some Kenyan- and Ugandan sympathizers for the terrorist group raise funds in South Africa. They then funnel the funds to rebel groups in the Democratic Republic of Congo.

The report said while the Islamic State is believed to direct transactions that involve global affiliates, funding of African affiliates is normally handled by the terror group’s office in Somalia. Nevertheless, according to an unnamed (United Nations) member of the state, South Africa has emerged as an important center for “facilitating transfers of funds” from the group to its affiliates in places that include the DRC, Mozambique, and Nigeria.

According to the report, the United Nations “monitoring team is aware of several large transactions totaling more than $1 million.” The UNSC document according to the report, reveals that the United States government has so far sanctioned four people residing in South Africa whom it accuses of using the country’s financial system “to facilitate funding for ISIS branches and networks across Africa.”

Terrorist groups allegedly seek crypto donations

Yet, even though they are being closely monitored, African terrorist groups still receive millions of dollars from their donors. Al Shabaab — an affiliate of the Islamic State’s rival al-Qaeda — is thought to receive $24 million annually which is designated for weapons acquisitions, the report said. Al Shabaab could earn anywhere from $50 to $100 million.

The UNSC report also stated that al-Qaeda and the Islamic State might both be looking for donations in cryptocurrency.

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Terence Zimwara

Terence Zimwara was a Zimbabwe-award winning journalist, author and novelist. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.

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