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U.S. Department of State
Islamic State making millions despite U.S. bid to halt money flow
Islamic State making millions despite U.S. bid to halt money flow

Islamic State still generates tens of millions of dollars a month in illicit income despite a U.S.-led effort to cut the financing streams that have helped turn the once-obscure militant group into a terrorist organization unlike any previously seen, a senior U.S. counter-terrorism official said Thursday. U.S. and allied airstrikes have pounded small oil refineries that the Sunni militants captured in eastern Syria, slowing but not halting their ability to process and sell smuggled oil and petroleum products at discounted rates on the black market in neighboring Turkey and elsewhere. But in Iraq, U.S. financial officials say, dozens of local bank branches remain free to transfer money in...

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