UK Parliament Report Shows No Bitcoin Involvement In ISIL Funding

For quite some time now, there have been unfounded rumors about the involvement of Bitcoin in terrorist funding. A new report by the UK parliament touches upon the funding of ISIL, and where the money is coming from. It is not surprising to see zero references to Bitcoin whatsoever. Instead, all of the money is coming through traditional channels.

How ISIL Is Getting Its Funding Together

Cutting off the funding of terrorist groups such as ISIL is a top priority for any government in the world. Unfortunately, that is much easier said than done, as there are various ways to move money around the world without raising suspicion. Cash plays an important role for ISIL, as it contributes to 40% of the group’s revenue.

Other forms of income streams for ISIL include extortion, taxation, oil sales, and donations. That being said, it is not as straightforward to exclude the terrorists from foreign exchange auctions either. Particularly in Iraq, where they have a stranglehold on the economy, it will be hard to cut off the access to finances.

Interestingly enough, one of the preferred methods of laundering money hinges on using regional banks and Money Service

Read more ... source: TheBitcoinNews