HonestReporting recently published, “As Media Berate Israel, Hamas Reportedly Hiding Enough Funds to Fully Rebuild Gaza Strip,” which amplified an exposé on Hamas’ secret foreign investment portfolio reportedly worth some $500 million.
According to documents obtained from Western intelligence sources, Gaza’s ruling faction — deemed a terror group in its entirety by the United States, the United Kingdom, the European Union, Canada, Israel and Japan — holds interests in at least 40 international companies.
Soon after we took action, the apparent revelation was cited in several European outlets, prompting Belgian MP Kathleen Depoorter to submit questions to the government about how development aid was being spent in the Gaza Strip. According to the World Bank, the alleged $500 million Hamas has stashed away could be used to repair all damages in Gaza from last May’s 11-day conflict the terrorist group initiated with Israel, as well as offset any resulting economic losses.
Indeed, Forbes Israel years ago described Hamas as the world’s third-richest terror group, after the Taliban and Iranian-backed Hezbollah.
Now, the plot has thickened.
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The semi-official Saudi newspaper Okaz reported that Hamas’ financial portfolio suffered a “severe blow” after London-based financial institution Lloyd’s three months ago warned some of its members against doing any business with the terror group.
This seems to have been a response to London’s designation of the entirety of Hamas as a terrorist organization, whereas the British government had previously bifurcated between the Palestinian group’s “political” and “military” wings.
Lloyd’s, which traces its history back to 1688, brings together insurance companies to help them spread risk. According to its website, the “world’s largest insurance marketplace” currently counts among its members “more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders.”
Lloyd’s also provides its network with analysis and intelligence reports.
In October, Lloyd’s reportedly informed companies of the risks associated with maintaining financial dealings with Hamas. Unconfirmed research previously found that “some of the cover companies that have worked for Hamas are traded on national stock exchanges.”
According to anonymous sources cited by Okaz, and following Lloyd’s missive, Hamas is now facing difficulties in “receiving and transferring funds amidst an unpredictable decline in the profits of these companies.”
The Okaz article explained:
The sources revealed that [Hamas’] specialists expressed their deep pessimism about the possibility that the companies whose names were mentioned [in Lloyd’s letter] would be able to restore their activity or return to work for the benefit of the movement. Not only that, but they stressed that other companies and financial institutions in the world will put considerable obstacles on any activity of a party or person affiliated with the movement.”
Okaz’s sources added that the revelation could potentially cost Hamas anywhere from “tens of millions to hundreds of millions of dollars,” prompting Gaza’s rulers to conduct an “extensive investigation.”
Despite the far-reaching implications, Okaz’s January 17 report generated no news coverage in English-language media outlets.
Moreover, Lloyd’s letter was not made public.
HonestReporting reached out to Lloyd’s to request a copy of the document.
Its press office replied that it was “unable to share the report.”
Lloyd’s has a stated commitment to “complying with the sanctions laws and regulations of the United Kingdom, European Union, the United Nations and the United States (the sanctions lists), as well as the applicable sanctions laws and regulations in the jurisdictions in which Lloyd’s operates.”
We believe that it is in the supreme interest of the public and governments worldwide to know what companies have been facilitating Hamas’ war crimes against Israelis and Palestinians alike.
In 2018, the UK government as part of a new counterterrorism strategy announced that it would work together with the private sector to thwart terrorist activity, “particularly where companies hold data that might flag emerging risks.” Through the Joint Money Laundering Intelligence Taskforce, government regulators and the financial sector are meant to cooperate to “better detect the movement of terrorist funds.”
Therefore, HonestReporting is working to bring the issue of Hamas’ secretive financial dealings to the attention of the British government.
We ask you to join our campaign by contacting Lloyd’s of London to inquire about its Hamas report.
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