Terrorists investing in stocks to raise funds: Study

RIYADH: In a new strategy, terrorist groups are now heavily investing in stock markets and e-commerce across the world after a crackdown by governments on their funding sources, according to a new study.

The study, conducted by Saudi Arabia-based Sakinah Campaign, found the investments are mainly made in countries where there is a lack of financial controls and supervision.

These outfits use bogus names as cover when making investments and are also involved in clothes and textile trading in certain countries, according to the study.

Sakinah officials in a statement said this showed a clear shift in their strategy after a reliance on drug trafficking and seeking ransoms from European and American countries for kidnapped hostages, Arab News reported.

They said these organisations have turned to e-commerce because their activities are difficult to detect, and they can operate remotely.

There are skilled traders, with a high degree of technical and financial knowledge, operating on stock exchanges for extremist groups, the report said.

The study said terror outfits have also started forging money transfers, checks and bank transfers.

One terrorist group robbed a bank in a European country recently using very advanced computers, laser printers and scanners, the study found.

The Sakinah (Tranquility) Campaign, supported by the Saudi Arabian Ministry of Islamic Affairs, is an independent, non-governmental counter-radicalisation initiative.

It uses Islamic scholars to interact online with individuals looking for religious knowledge, with the objective of steering them away from extremism.