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Global Intelligence Report – 27th March 2019

Saudi Arabia

Sources
- Turkish Treasury Ministry official
- Turkish Interior Ministry official
- American intelligence contractor based in London
- British former diplomat in Saudi Arabia

ISIS may be on the run, but financially, it’s extremely adaptable. Its money is just as mobile, too. True, it may not be able to capitalize on Syria oilfields any longer, or tax Syrians unlucky enough to have lived on ISIS terrain, but holding that territory also cost ISIS a lot. It’s money lost and money gained at the same time. ISIS isn’t a state--it’s fluid, and it’s got other channels of revenues, including some very mainstream ones such as investments and even stocks. ISIS doesn’t need to own an oilfield to make money off of it--they simply switch back to extortion of supply lines. And then there’s Turkey, a major “bank” of sorts for ISIS revenues. It’s not a state-sponsored endeavor, of course--it’s Turkish individuals operating as ISIS accountants and holding money earned for them. But still, this slips by Turkish officialdom with rather too much ease.

According to our source in the Turkish Interior Ministry, there are Turkish citizens who have benefitted from ISIS oil revenues for a certain period of time. "But these people were locals who were formerly smuggling goods, like cigarettes. When ISIS offered them a share, they turned to oil smuggling. We stopped these schemes as soon as we formed an intelligence…




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