Hamas' cash-to-crypto global finance maze in Israel's sights

investing.com:

By Hadeel Al Sayegh, John O'Donnell and Elizabeth Howcroft

LONDON/DUBAI (Reuters) — Palestinian militant group Hamas uses a global financing network to funnel support from charities and friendly nations, passing cash through Gaza tunnels or using cryptocurrencies to bypass international sanctions, according to experts and officials.

However, Hamas, which governs the Gaza Strip, will face even more obstacles accessing funds after the rampage by the group's gunmen that killed hundreds of Israelis, mainly civilians. Israel has responded with the heaviest bombardment of Gaza in 75 years of conflict.

Earlier this week, Israeli police said they froze a Barclays bank account the authorities said was linked to Hamas fundraising and blocked cryptocurrency accounts used to gather donations, without specifying how many accounts or the value of the assets.

The move provided a glimpse of a complex financial web, some legitimate, much hidden, that underpins Hamas, or the Islamic Resistance Movement, and its government in the Gaza Strip, which it has run since 2007.

Matthew Levitt, a former U.S. official specialised in counterterrorism, estimated the bulk of Hamas' budget of more than $300 million came from taxes on business, as well as from countries including Iran and Qatar or charities.

Last February, the State Department said that Hamas raises funds in other Gulf countries and gets donations from Palestinians, other expatriates and its own charities.

Reuters was unable to reach Hamas officials for comment for this story. In the past, Hamas has said financial restrictions placed on its donors were an attempt to neutralise legitimate resistance against Israel.

Hamas, sanctioned as a terrorist organization by the United States and