The South African banking system is purportedly in use by supporters of the Islamic State (IS) to transfer money to the organization's networks and affiliates across Africa. The US government has so far penalized four South African citizens it claims were involved in transferring funds to African terrorist organizations.
<h2>Money Laundering in Millions</h2>
According to a recent <a href="https://www.un.org/securitycouncil/" target="_blank" rel="nofollow noopener">United Nations Security Council</a> (UNSC) report, Islamic State (IS) affiliates in Africa are allegedly using the South African banking system to raise and transfer massive amounts of money.

According to a report, some supporters of the terrorist network from Kenya and Uganda are reportedly gathering money in nations like <a href="https://www.cryptoknowmics.com/news/binance-will-no-longer-offer-derivatives-trading-in-south-africa/" target="_blank" rel="noopener">South Africa</a>. After that, the money is given to a rebel organization in the Democratic Republic of the Congo (DRC).

The research stated that while the finances of African affiliates are often managed through the terror group's headquarters in Somalia, the Islamic State is thought to coordinate transactions involving affiliates worldwide. An unnamed (United Nations) member of the state claims that South Africa has become a key hub for "facilitating transfers of cash" from the organization to its affiliates in countries including the DRC, Mozambique, and Nigeria.

The UN "monitoring team is aware of several large transactions totaling more than $1 million," the report said. According to the article, the UNSC document stated that the US government has blacklisted four South African citizens, claiming that they are exploiting the nation's banking system to "facilitate funding for ISIS branches and networks across Africa."
<h2>Terrorist Groups Supposedly Request Crypto Donations</h2>
African terrorist organizations continue to get millions of dollars in money from their sponsors. According to the study, Al Shabaab, a branch of the Islamic State's adversary al-Qaeda, is expected to get $24 million to buy weaponry. Al Shabaab is estimated to make between $50 million and $100 million annually. Al-Qaeda and the Islamic State may potentially be looking to accept donations in the form of cryptocurrency.

Terrorist Organizations Transfer Money Using S. African Banking System

The South African banking system is purportedly in use by the Islamic State (IS) supporters to transfer money to the organization's networks and affiliates.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Terrorist Organizations Transfer Money Using S. African Banking System

Top Picks