US joins Gulf nations on mission to target 'secret' Hamas portfolio valued hundreds of millions of dollars

The US has joined Gulf nations including Saudi Arabia and Qatar to target a “secret” Hamas portfolio that is believed to be valued at least hundreds of millions of dollars. US  officials have stepped up efforts to pinpoint the Hamas portfolio along with Gulf Cooperation Council (GCC) nations. On Tuesday, officials from US and Saudi Arabia convened an emergency meeting of the Terrorist Financing Targeting Center (TFTC) in Riyadh. A US official said that the TFTC has been tasked with tracking terrorist organisations like Hamas, Hezbollah and other Iran-backed groups and sharing relevant, timely and actionable information. Brian Nelson, the US Treasury’s under-secretary for terrorism and financial intelligence, said, “We cannot tolerate a world in which Hamas and other terrorist organizations’ fundraisers live and operate with impunity, abusing the financial system, to sustain their terror. The United States will not tolerate that world.”

“From our perspective, not acting against Hamas and its terrorism is a disservice to the Palestinian people. From a financial standpoint, we can clearly see that Hamas has exacerbated economic hardships for decades in the Gaza Strip by diverting humanitarian assistance to support its campaign of terror, and we must publicly condemn these actions,” he added urging Gulf nations to share more information on Hamas’ financial ecosystem.

Another US official said that the particular Hamas investment portfolio in question is likely to be worth $400 million and $1 billion and is generating “significant amounts of revenue for Hamas."

US imposes sanctions on Hamas operatives

Last week, the Treasury Department imposed sanctions on “10 key Hamas terrorist group members, operatives, and financial facilitators” to stop the flow of revenue to the terror group. The department said that the sanctions target “six individuals associated with Hamas’s secret investment portfolio, two senior Hamas officials, and a Gaza-based virtual currency exchange and its operator.”

“We will continue to take all steps necessary to deny Hamas terrorists the ability to raise and use funds to carry out atrocities and terrorize the people of Israel. That includes by imposing sanctions and coordinating with allies and partners to track, freeze, and seize any Hamas-related assets in their jurisdictions,” Treasury Secretary Janet Yellen said.

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