Singapore’s government has released a report on terrorism financing, and they say that while cash is still the main way terrorist groups get money, cryptocurrencies are becoming more popular.
ISIS Still a Major Threat
The report focuses on the threat posed by ISIS, saying they are still a major player in the global terrorism landscape. Al-Qaeda, on the other hand, is seen as a less immediate threat.
ISIS Uses Cash and Informal Networks
The report says that most ISIS-affiliated groups are financially independent, and some use social media to raise funds. But they still rely heavily on cash and informal money transfer systems like hawala.
Hawala is a traditional way of moving money that relies on trust and relationships rather than banks. It’s often used in the Islamic community.
Crypto Use is Increasing
While cash is still the main way ISIS gets money, the report says that cryptocurrencies are becoming more popular. For example, US authorities have found that ISIS has used crypto to send money to their members in detention camps.
The Takeaway
Even though crypto is becoming more popular, cash is still the main way terrorist groups get money. This means that authorities need to continue working to stop the flow of cash to these groups.
