Wissam Fattouh, secretary General of the Union of Arab Banks, said at a press conference in Sharm el-Sheikh on Friday that the banks are worried about money from IS infiltrating the system and being used to attract Arab youth to carry out terrorist operations.
“This money should be confiscated under the laws of money laundering and terrorist financing,” he said.
Fattouh said IS makes somewhere between US$1 million a day and $2 million a week by selling stolen oil, receiving ransom for kidnappings, imposing taxes and receiving funds from people who believe in the ideologies of the terrorist organization.
Edited translation from Al-Masry Al-Youm
