ISIS: ‘world’s richest terror group’ in 60 seconds
The attacks by ISIS on cities in northern Iraq have helped it achieve the ominous title of the “world’s best-resourced terror organisation”. But where did the group’s money and assets come from?
The Islamic State of Iraq and al-Sham (ISIS) has been newly labelled the “world’s best-resourced terror organisation”, according to the International Business Times.
But where did its money and assets come from?
ISIS formed in April 2013 out of al-Qaeda in Iraq and an affiliate in Syria.
The organisation has gained most of its financing from smuggling, extortion and other crime.
In Syria, the group has gained cashflows from oilfields and smuggling £21m of antiquities from the country.
They’ve also reportedly extorted taxes from businesses in Mosul, Iraq, netting millions a month.
The money has enabled the group to mount a huge offensive that resulted in the takeover of Mosul, Tikrit and attempted seizure of Kirkuk.
Before the recent attack on Mosul, the group’s wealth and assets were worth £515m.
Since the attack, they have made huge financial gains. They’ve robbed £256m from banks in the city and looted gold bullion and military supplies.
The group’s wealth has been boosted to £1.4bn, making it richer than the Taliban.
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