US and other countries try to combat Hamas’ investment portfolio worth up to US$1 billion

The United States is stepping up efforts to investigate and combat a “secret” Hamas investment portfolio believed to be worth at least $1 billion.

The US Treasury Department is working with Saudi Arabia, Qatar and other Gulf Cooperation Council (GCC) nations to reach Hamas’ investment portfolio, a US official said on Tuesday.

The other four members of the GCC are Kuwait, Oman, Bahrain and the United Arab Emirates.

Following the Hamas terrorist attacks on Israel, the United States and Saudi Arabia called on Tuesday in Riyadh, the capital of Saudi Arabia, an emergency meeting of the Counter Terrorism Financing Center (TFTC), which includes the United States and the GCC nations.

There have been increased efforts to use the TFTC, which was created in 2017, to pursue Hamas, Hezbollah and other Iran-aligned militant groups, including by sharing relevant, timely and actionable information, the US official said.

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Last week, the US Treasury imposed sanctions on people who authorities say manage assets in a “secret” Hamas investment portfolio.

Hamas’ investment portfolio is likely valued at between $400 million and $1 billion, according to the US. The portfolio is generating significant revenue for Hamas, an American official said.

The US Treasury said the global investment portfolio includes companies operating “under the guise of legitimate businesses” in Sudan, Algeria, Turkey, the United Arab Emirates and other nations.

“We cannot tolerate a world in which Hamas and other fundraising terrorist organizations live and operate with impunity, abusing the financial system, to sustain their terror. The United States will not tolerate that world,” said Brian Nelson, Treasury undersecretary for terrorism and financial intelligence, during remarks at the TFTC emergency meeting.

Nelson urged Gulf nations to share more information about the parts of Hamas’ financial ecosystem “vulnerable to disruption” and called on member countries to take action.

“From our perspective, not acting against Hamas and its terrorism is a disservice to the Palestinian people,” Nelson said.

“From a financial perspective, we can clearly see that Hamas has exacerbated economic hardship for decades in the Gaza Strip by diverting humanitarian assistance to support its campaign of terror, and we must publicly condemn these actions.”