Global organisations fighting against ISIS keep watchful eye on SA
A coalition of countries under the banner Counter ISIS Finance Group recently met to discuss ways to deny ISIS access to global financial systems.
FILE: Islamic State flag. Picture: 123rf.com
JOHANNESBURG - South Africa continues to be under close watch by global organisations fighting against the Islamic State of Iraq and Syria (ISIS).
This is after another report again found South Africa to be among the countries channeling funds to ISIS.
A coalition of countries under the banner Counter ISIS Finance Group recently met to discuss ways to deny ISIS access to global financial systems.
During a two-day meeting, global financial regulators and counterterrorism officials again warned of the abuse of financial institutions and cash smuggling by ISIS to finance terrorist campaigns.
In an update issued by the United States (US) Treasury, the Counter Isis Finance Group flagged weaknesses in financial regulations in Syria, Iraq, parts of Africa and Asia.
Since 2019, ISIS has reportedly been relying on Africa-based branches to generate revenue.
The coalition said ISIS in Somalia has generated millions of dollars from extortion, money laundering, banks and mobile money transfers.
It added that ISIS has also used South African banks to transfer funds to branches in central Africa but gave few clues on which banking institutions were the culprits.
Proceeds from criminal activity in South Africa are also believed to be lining ISIS’ pockets.
The latest warning comes as South Africa tries to get itself delisted from the Financial Action Task Force, which previously identified more than 60 deficiencies in the country's laws to combat the illicit flow of funds.