The following is a short summary of the finances of the Islamic State (IS), as taken from a detailed Intelligence Briefing available to FCN Premium Professionals. The 30 Page Intelligence Briefing, details how IS is thought to have raised, moved and stores its reserves to support its terrorist activities and its future plans, a full Threat Assessment, what Financial Crime Fighters can do to help and potential Red Flags and or Key Risk Indicators. See Here For the full Intelligence Briefing.
The threat from the Islamic State (“IS”) remains high, and will continue into the near future, despite the losses on the battlefield both in terms of men and territory. In particular Western Europe, North America, South East Asia, and large parts of Africa are on the highest form of alert with attacks not only expected, but considered highly likely.
Whilst the term “organised crime” appears to have emerged in Chicago in 1919, the phenomenon of organised criminal activity far pre-dates this and its manifestations have developed considerably since that time. Examples include “thugs” or gangs of criminals, who terrorised 13th century India moving from town to town, looting and pillaging and “piracy” on the high seas, and highwaymen and banditry to the pre-industrial world what organised crime is to modern society. Many of today’s leading organised criminal gangs also have long histories, many tracing their origins back to feudal times, retaining links and codes from a bygone era whilst at the same time modernising and expanding their operations far beyond their traditional roots from their homelands across the world.
Whilst prohibition on alcohol in the US was presented as a victory for public morals and health, it was to prove a temporary measure being repealed in 1933.
The Bank announced on 9th April, 2019 resolutions with US and UK authorities regarding its historical sanctions and financial crime controls, which mostly related to violations and control deficiencies pre 2012 with none occurring after 2014. More details on these resolutions can be found on the Banks’ dedicated Fighting Financial Crime website: which also includes new pieces of work on “Antiquities Trafficking,” “Understanding digital identities in a world of cyber crime and compliance ” and “Iranian Virtual Currency Activity and risks to FI’s.”
SCB’s Fighting Financial Crime website is a good source of information to implement controls and processes to modernise the fight against financial crime in the area of cyber, data management, information sharing and more.