How ISIS Became The Richest Terror Group

Smuggling, extortion and theft ¡ª how ISIS became the richest terror group in history....

Islamic State (ISIS) militants are taking in more than $3m (?1.8m) a day through oil smuggling, extortion, theft and human trafficking.? The militant group's resources exceed that "of any other terrorist group in history".

The price of Islamic State smuggled oil is discounted ¡ª $25 to $60 for a barrel of oil that normally sells for more than $100. But its total profits from oil are exceeding $3 million a day.

As well as selling oil the group has earned hundreds of millions of dollars from smuggling antiquities out of Iraq to be sold in Turkey and they are making more from human trafficking by selling women and children as sex slaves.

Before taking over the town Mosul in northern Iraq in late June the group was "taxing" local economic activity and threatening people who would not pay them. Once it had taken control of Mosul, the group stole millions in cash from banks.

Another source of income comes from kidnapping and ransom. Earlier this year four French and two Spanish journalists held hostage by Islamic State extremists were freed after their governments paid multimillion-dollar ransoms through intermediaries.

The Islamic State group were originally funded by wealthy donors in the Gulf states but this stream of funding has diminished since the group's violent tactics have drawn worldwide attention.

Helen Lock,The Independent