US and Partners Unveil Joint Task Force to Combat Funding to Hamas

After a recent attack by Hamas on Israel, the U.S. and its allies have taken action. They have established an international task force to combat the flow of money to the militant Palestinian group and support anti-terrorism efforts.

THE TAKE

Following the attack, which resulted in the deaths of 1,200 people on October 7, the U.S., UK, and their allies are working to cut off funding for Hamas, which has been labeled a terrorist organization by various governments, including Washington.

CONTEXT

The task force aims to improve the exchange of financial intelligence regarding terrorism financing and explore ways to take further action and form partnerships. The U.S. Treasury Department mentioned that it will also strengthen collaboration between financial intelligence units, public authorities, and the private sector to address the threat posed by Hamas.

The task force consists of financial intelligence units from Australia, Canada, Estonia, France, Germany, Israel, Liechtenstein, Luxembourg, the Netherlands, New Zealand, Switzerland, the UK, and the U.S., among others.

Since the attack on October 7, the U.S. has imposed multiple rounds of sanctions on Hamas, targeting the group’s investment portfolio. Additionally, it has issued guidance to financial institutions on how to combat Hamas financing, and senior officials have discussed the group’s access to funds during trips abroad.

KEY QUOTE

“The Oct. 7 terror attacks on Israel served as a grave reminder of a core mission of our FIUs: to detect, disrupt and prevent the financing of terrorism,” the statement said. (Reporting by Daphne Psaledakis; Editing by David Gregorio)