Israel-Hamas War: US Treasury Imposed Sanctions On Hamas And IRGC Members

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) levied a second round of sanctions revolving around key Hamas-linked officials and financial networks, succeeding the barbarous attacks on Israel that began on October 7 this year. The sanctions imposed target additional assets in Hamas’s investment portfolio, along with individuals associated with facilitating sanctions evasion by Hamas-affiliated companies.

OFAC Cracks Down on Hamas-Related Crypto Transactions

The U.S. Treasury plans to designate a Hamas official in Iran along with members of Iran’s Islamic Revolutionary Guard Corps (IRGC). Moreover, the OFAC is also setting its sights on designating a Gaza-based entity that functions as a channel for illicit Iranian funds to Hamas and Palestinian Islamic Jihad (PIJ).

According to reports, it was recently found that Hamas received financial aid in the form of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, among many others. Moreover, the entity received a whopping $7.3 million in digital currencies from its allies, offering aid in Israel-Hamas war.

The Deputy Secretary of the Treasury Wally Adeyemo said:

” Today’s action reaffirms the United States’ commitment to dismantling Hamas’s funding networks. We are using our counterterrorism sanctions authorities and collaborating with global partners to prevent Hamas from exploiting the international financial system.”

Following the disclosure of Hamas utilizing cryptocurrencies in warfare, authorities like the OFAC, soon imposed sanctions revolving around Hamas-related crypto transactions.

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OFAC Seeking Prompt Regulation

Earlier this year, the OFAC rolled out a decision, planning to label international cryptocurrency mixers and digital asset platforms that provide anonymity for users as money-laundering hubs. Following the announcement, all financial transactions are to be specially reported before approval.

Adeyemo asserts that crypto did not make up the majority of funding for terrorist groups to hide their money. However, the U.S. is taking action now to prevent its illicit use for financing in the future.

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