"Al-Rawi and the two money services businesses have played an important role in Daesh’s financial operations by helping the terrorist group move its money," the release stated.
According to the release, Al-Rawi operated the exchange near his residence in Albu Kamal, Syria and stored large amounts of currency for Daesh through the Hanifa Exchange.
Al-Rawi opened the Hanifa Exchange in 2010 to exchange currency between Syria and Turkey, the release noted. By May 2016, it was used exclusively for Daesh-related transactions, the release said.
Additionally, al-Rawi oversaw money exchanges and payments to Daesh fighters and hosted top commanders at his home for weekly meetings.
Between early 2015 and early 2016, the Iraq-based Selselat al Thahab Money Exchange received millions of dollars of financial transactions from financial institutions in Kirkuk.
Many of the transfers belonged to a company financing the Islamic State, the release said.
As a result of the sanctions, all of al-Rawi and the companies’ assets subject to US jurisdiction are frozen and US persons are prohibited from doing business with them.
