IS is playing stock markets to make millions, British panel told

March 03, 2016 14:03

Islamic State has a new, abundant source of revenue: 'playing the foreign currency markets under the noses of bank chiefs,' reports Colin Freeman in The Telegraph, London.

'The terror group is earning up to $20m (14.29m) a month by funnelling dollars looted from banks during its takeover of the Iraqi city of Mosul into legitimate currency markets in the Middle East,' he writes.

Details of how the IS was minting millions emerged during a hearing of a specially-convened foreign affairs sub-committee set up to examine Britain's role in its funding, he writes.

IS 'makes huge returns on currency speculation, which are then wired back via unsuspecting financial authorities in Iraq and Jordan,' the sub-committee heard on Wednesday.

You can read the full report here.

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