Afaq Dubai “has been moving money for the Islamic State of Iraq and Syria (ISIS),” the US Treasury stated on Thursday announcing the sanctions.
In May 2018, Afaq Dubai was one of three money exchanges that received $3 million from a Jordan-based ISIS financier, according to the US Treasury.
The Iraq-based business is part of a complex financial network ISIS operates across the Middle East, said Sigal Mandelker, Treasury under secretary for terrorism and financial intelligence.
“Even as ISIS’s hold on territory is eliminated, we will continue to search for and shut down illicit financial networks ISIS utilizes to fund terror attacks and sustain operations,” said Mandelker.
The designation follows on the heels of arrests of ten suspected ISIS financiers in Erbil and Baghdad. They were allegedly members of the al-Rawi financial network.
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