On June 22, 2026, the Office of Foreign Assets Control (OFAC), a division of the US Department of the Treasury, unveiled a fresh round of sanctions targeting individuals and organisations allegedly involved in facilitating financial transactions for the Islamic State of Iraq and Syria (ISIS).
The latest measures underscore the United States government’s ongoing campaign to dismantle terrorist financing channels operating across Europe, the Middle East, and West Africa.
ISIS: US Treasury Department speaks
The sanctions announced by the US Treasury Department affect three individuals and six entities accused of helping ISIS transfer funds among its various affiliates.
Authorities say these activities have strengthened the terrorist group’s capacity to sustain operations in different regions of the world.
OFAC stated that the designations form part of wider efforts aimed at shielding communities vulnerable to ISIS-related violence and attacks.
“ISIS continues to seek new methods and tools to finance terrorist attacks,” said Secretary of the Treasury Scott Bessent. “The United States will leverage every tool at its disposal to crush ISIS’s remaining capabilities and protect American lives.”
ISIS: US executive order 13224
The sanctions were imposed under Executive Order 13224, a legal framework that authorises the U.S. government to freeze the assets of individuals and organisations connected to terrorism.
ISIS first came under this authority in October 2004 when it operated under the name Al-Qa’ida in Iraq. The group was subsequently designated a Foreign Terrorist Organization in December 2004.
ISIS financial facilitators
According to the Treasury Department, ISIS depends heavily on a decentralised financial network to sustain its activities.
This network consists of facilitators and businesses that serve as vital intermediaries between the organisation’s regional branches and its General Directorate of Provinces, the body responsible for coordinating operations and distributing funds.
Those identified in the sanctions announcement include:
- Miloud Abderrahmane, a French citizen accused of carrying out transactions involving ISIS affiliates and providing information related to explosives.
- Abdelhakim Boukich, a Syria-based financial facilitator who oversees Bitcoin Xchange, a money services business allegedly used to move funds for ISIS-linked individuals across several countries.
- Mohamad Alhmidan, who was previously sanctioned in 2016 and owns Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi (Spider) and Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi (Alkaram), two Turkey-based companies alleged to have ties to ISIS financing activities.
ISIS in West Africa
The sanctions package also extends to financial operators based in Nigeria. Among those named is Mukhtar Adamu Muhammad, described by U.S. authorities as a financier for ISIS in West Africa (ISIS-WA).
He is accused of conducting financial transfers on behalf of the group and is said to control three bureaux de change located in Lagos:
- Nine Exchange
- Manhattan Bureau
- Generation Currency
Authorities allege that these businesses acted directly or indirectly on Muhammad’s behalf in support of ISIS-WA-related financial operations.
ISIS: Implications of US sanctions
As a result of the sanctions, any property or assets belonging to the designated individuals and entities that fall within U.S. jurisdiction are frozen.
American citizens and businesses are barred from conducting transactions with them, while violations of the sanctions regime could attract civil or criminal penalties.
The Treasury Department also warned that foreign financial institutions found to be knowingly facilitating substantial transactions for sanctioned persons could face secondary sanctions. Such measures may include restrictions on maintaining correspondent banking relationships within the United States.
Officials further clarified that sanctions are intended to drive behavioural change rather than serve as punitive measures. Individuals and entities that satisfy the relevant legal conditions may apply to OFAC for removal from the sanctions list.
