Breaking News:ISIS, Invest In International Stock Market......

How is the Islamic State doing it? 

During the hearing, it was revealed that the terror group’s finance chiefs use the cash looted from Mosul – estimated to be $429 million – to invest in international stock markets. Also they are using “siphoned off” money related to pension payments which the Iraqi government is still making to civil servants living in the city.

“The cash that Isil has looted, along with siphoned off pension payments, is routed into Jordanian banks and brought back into the system via Baghdad,” Baron said. “That allows the system to be exploited by Isil, in that they take a turn (profit) on the foreign currency actions and siphon that cash back.”

To channel back the profits, the Islamic State use “hawala” transfers,” which is an unregulated money transfer system in which the cash payments are made by agents in one country after a similar amount has been paid as collateral in another country.