Isis finds escape route for the spoils of war

One regional hawala dealer says he tallied at least $25m in transfers in recent months to Sarmada — where it can be easily smuggled to Turkey. This summer, coalition air strikes killed the three dealers accused of being behind those transfers — Idris, Fawaz al-Rawi and Bassam al-Jayfus. Iraqi officials long suspected Isis had money exchange offices in Baghdad and other Iraqi cities — two years ago it used some to bid in central bank auctions for dollars, until US authorities caught on. Mr Mansour says Isis later realised it could profit by buying businesses like hotels, pharmaceutical groups and hospitals. A UN Security Council report, seen by the FT, warns that Isis-controlled business may even seek to exploit postwar reconstruction-financing in Iraq and Syria.

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