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Israel and the PA continue to drain Hamas’s financial sources

10 3 0
11.06.2019

Israel has revealed that in recent years there has been an increase in funds confiscated from Hamas members in the West Bank. These funds come from Gaza and abroad and are used to support those carrying out armed operation and attacks, the families of prisoners, and towards establishing infrastructure for the movement. Hamas’ military wing has made changes in the means it collects donations, using Bitcoins. The movement announced that it was facing a problem in providing funds due to an American-Western-Israeli policy aiming to dry up its sources of funding.

The following lines discuss the financial siege on Hamas and explore the movement’s attempts to overcome it. The article will also look into whether this problem has become so complex that it cannot be resolved and what the new system it has developed is to deliver funds far from any Israeli, American, and Palestinian security detection.

It was surprising that the former political bureau of Hamas, Khaled Meshaal, acknowledged that the movement was suffering a financial crisis. He stressed the existence of a US-Western-Israeli policy aimed at drying Hamas’s sources of funding as a means to break and weaken the movement in the context of adapting the region for the deal of the century. He called for the support of the movement with funds.

Reuters news agency revealed that Hamas is using sophisticated methods to raise money using the Bitcoin currency. This highlights the difficulties facing the Israeli and American authorities in tracking Hamas’s coded currency. This is after the Izzedine al-Qassam Brigades, Hamas’s military wing called for donations via the digital currency.

The information reveals that Hamas has made changes to this mechanism, as its military wing’s website created a new digital wallet for each transaction, making it difficult to monitor all the companies around the world donating to Hamas through the encrypted currencies. Having a different wallet for each donation makes tracking and monitoring more complex.

In coincidence with this, Israeli media outlets have talked about the development of Hamas’s money-laundering means, making them smarter via fake companies, associations, and bank accounts. Moreover, they have been using smartphone apps to make bank transfers without the need to visit banks physically.

Read: Israel Labor number 2 quits politics ahead of leadership race

Israel’s security agency, the Shabak, documented the confiscation of about $280,000 since the beginning of the year, from Hamas activists. The seizure took place as a result of the Israeli army carrying out over 40........

© Middle East Monitor