U.S. Treasury Sanctions Target Crypto Fundraising for Hamas
Written with artificial intelligence.
The U.S. Treasury Department has sanctioned several individuals and charities linked to a network that raised over $2 million for Hamas, primarily through purported humanitarian donations. The sanctions specifically address the use of cryptocurrency in this fundraising operation, which has been ongoing for six years.
Sanctions Against Fundraising Network
The U.S. Treasury Department has taken action against several individuals and organizations involved in raising over $2 million for the Islamist militant group Hamas. This network, which has been operating for six years, allegedly utilized cryptocurrency and claimed humanitarian donations to funnel funds to Hamas.
Key Individuals and Allegations
Among those sanctioned is Faouzi Barika, a member of Hamas's military wing, along with Amel Oualid. Both individuals are accused of raising funds in France under the guise of humanitarian causes, subsequently sending money to Hamas, which governs the Gaza Strip and is designated as a terrorist organization in many jurisdictions. According to the Treasury, the network collected more than $2 million from 2020 to 2026, with $1.5 million raised after Hamas’s attack on Israel on October 7, 2023.
Cryptocurrency Involvement
The Treasury noted that hundreds of thousands of dollars were transferred in cryptocurrency to Saleem Abdallah Saleem al-Zaq, a Gaza-based deputy commander in Hamas's Al-Qassam Brigades. However, the Treasury did not confirm that the entire $2 million was moved through cryptocurrencies. This action highlights the ongoing scrutiny by U.S. authorities on the role of cryptocurrencies in funding operations, indicating a focus on broader fundraising networks rather than viewing crypto as Hamas's primary financial resource.
Implications of Sanctions
The new sanctions freeze any property or interests of the designated individuals and organizations within U.S. jurisdiction. U.S. citizens are generally prohibited from engaging in transactions with these parties. Additionally, foreign financial institutions that knowingly conduct significant transactions with the sanctioned individuals may face secondary sanctions. Treasury Secretary Scott Bessent emphasized that terrorist organizations like Hamas exploit complex financial networks and fraudulent schemes to raise funds.