WASHINGTON, D.C. – The United States government has identified three Nigerian bureau de change (BDC) operators and six entities in a fresh crackdown on an international network allegedly involved in financing the Islamic State (ISIS).
Speaking on Monday, US State Department spokesperson Tommy Pigott said the sanctions target three individuals and six entities accused of facilitating the movement of funds for ISIS through money exchange businesses operating across multiple countries.
According to Pigott, the alleged network stretches from France and Syria to Turkey and Nigeria, with a Nigeria-based facilitator playing a key role in moving funds across borders.
He said the facilitator’s money exchange businesses allegedly served as channels for transferring funds linked to the terrorist group.
“The network spans France, Syria, Turkey and Nigeria, using money exchange businesses to move funds in support of ISIS activities,” Pigott said.
The US government subsequently imposed sanctions on the three individuals and the associated entities.
In a separate statement, the US Department of the Treasury identified one of the sanctioned individuals as Muhammad Mukhtar Adamu, based in Lagos, Nigeria.
The Treasury Department also listed three Nigerian bureau de change companies allegedly linked to the financing network. They are Generation Currency Bureau de Change Limited, Lagos; Nine to Nine Exchange Bureau de Change Limited, Lagos; and Manhattan Bureau de Change Limited, Kano.
According to the statement, the entities were allegedly used to facilitate financial transactions connected to ISIS operations.
The sanctions form part of ongoing US efforts to disrupt terrorist financing networks and prevent extremist groups from accessing international financial systems.
The affected individuals and entities have been designated under US counterterrorism sanctions authorities, which typically result in the blocking of assets under US jurisdiction and restrictions on financial dealings with American persons and institutions.
The sanctioned parties have not publicly responded to the allegations as of the time of filing this report.
