US Hits Hamas Funding Network with Sanctions on Attack Anniversary
US Sanctions Target Hamas Funding Network
The Treasury Department announced Monday, coinciding with the anniversary of Hamas's October 7 attack on Israel, that it will sanction part of the Palestinian militant group’s funding network. The Office of Foreign Assets Control (OFAC) designated three individuals and one Hamas-controlled financial institution in Gaza.
Key Actions Taken Against Hamas
- Designation of Individuals: Identifying three individuals linked to Hamas funding.
- Sham Charity Exposed: One organization labeled as a fraudulent charity.
- Significant Financial Implications: Activities aim to curtail revenue streams supporting terrorism.
The sanctions signify ongoing efforts to dismantle networks financing terrorist activities, with Treasury Secretary Janet Yellen emphasizing the determination to target financial enablers of Hamas.
Impact of Sanctions
This round of sanctions has been implemented to prevent the misuse of charitable organizations that Hamas exploits to fund its operations. It has been reported that Hamas could have raised approximately $10 million a month through deceptive practices. With a focus on maintaining the integrity of the nonprofit sector, these sanctions are critical for ensuring that legitimate organizations can continue their humanitarian efforts.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.