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Politics : Formerly About Advanced Micro Devices

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From: bentway	11/23/2015 11:04:54 AM
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How Is ISIS Still Making Money? Why it’s so difficult to cut off the group’s finances theatlantic.com About a month ago, the United States started accelerating its attacks on the Islamic State’s finances with an expanded military campaign against its oil fields. The industry that U.S. Defense Secretary Ashton Carter had called “a critical pillar of the financial infrastructure” of the group had proved frustratingly resilient to American bombing; Pentagon spokesman Steve Warren acknowledged that in many cases the damage had been repaired within days. But even if airstrikes can be targeted to do more lasting damage to ISIS’s oil facilities, and the United States can knock out one critical financial pillar, others may be even more difficult to topple. Oil is lucrative for the Islamic State—to the tune of about $500 million a year, according to U.S. Treasury officials cited byBloomberg—but analysts have found that bank robbery, extortion, and taxation together account for a higher proportion of the group’s revenues. (ISIS’s total revenues are difficult to pin down—according to figures The New York Timescompiled from the Rand Corporation and the Treasury Department in May 2015, the Islamic State made about $1.2 billion in 2014, but this was based on an oil-revenue figure that now appears to have been underestimated; earlier this year, ISIS announced an estimated 2015 budget of $2 billion, though that figure may be inflated.)...

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