Tags: US | Islamic | State | Money

US: IS Earns $1M a Month in Black Market Oil Sales

US: IS Earns $1M a Month in Black Market Oil Sales
(Ahmad Al-Rubaye/AFP/Getty Images)

Thursday, 23 October 2014 10:07 AM EDT

The Treasury Department says Islamic State militants are earning about $1 million a month just from black market oil sales.

The official who leads the department's effort to undermine the group's financial strength says IS also has taken in at least $20 million in ransom payments this year from kidnappings.

David Cohen, the Treasury undersecretary for terrorism and financial intelligence, says the group takes in several million dollars a month from wealthy donors, and from extortion rackets and other criminal activities, such as robbing banks.

Cohen says that except for state-sponsored terrorist groups, the Islamic State group is probably the best-funded terrorist organization the Treasury Department has ever confronted.

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The Treasury Department says Islamic State militants are earning about $1 million a month just from black market oil sales.The official who leads the department's effort to undermine the group's financial strength says IS also has taken in at least $20 million in ransom...
US, Islamic, State, Money
109
2014-07-23
Thursday, 23 October 2014 10:07 AM
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