Lawmakers Urge US to Target Hamas Sanctions Evasion
More than 100 Senate and House members this week asked the Biden administration to explain the steps it’s taking to address Hamas’ and other terrorist groups’ use of cryptocurrency to raise money and evade sanctions. In an Oct. 17 bipartisan letter to the Treasury Department and National Security Adviser Jake Sullivan, the lawmakers pointed to reports that Hamas and Palestinian Islamic Jihad collectively raised over $130 million in crypto between August 2021 and June 2023, and asked if the administration needs more tools to “address the national security threats posed by illicit use of crypto by terrorist organizations.”
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“Congress and this Administration must take strong action to thoroughly address crypto illicit finance risks before it can be used to finance another tragedy,” the letter said, adding lawmakers are considering “legislative proposals designed to mitigate crypto money laundering and illicit finance risks.” The administration should “swiftly and categorically act to meaningfully curtail illicit crypto activity and protect our national security and that of our allies.”
The letter came one day before Treasury announced new sanctions on Hamas members, financiers and others with ties to the group, including a cryptocurrency exchange (see 2310180003).