US Treasury Targets Hamas Financing Network, Imposes Sanctions on Five Individuals and Entities
Washington, October 2, 2026: The United States Department of the Treasury has announced sanctions against five individuals and entities accused of facilitating financial support for Hamas through fraudulent charitable organisations and cryptocurrency transactions. The action targets a Gaza-based member of Hamas’s military wing, two France-based individuals and two organisations allegedly involved in channelling funds to the group.
According to the US Treasury’s Office of Foreign Assets Control (OFAC), the network allegedly transferred more than US$2 million to Hamas between 2020 and 2026, using charitable fundraising activities and digital currency transactions to conceal the movement of funds. Of this amount, approximately US$1.5 million was reportedly raised after the October 7, 2023, Hamas attack on Israel.
The sanctions form part of a wider US government initiative to disrupt Hamas’s international financial infrastructure and prevent the organisation from accessing funds through concealed fundraising operations.
US Treasury Secretary Scott Bessent stated that terrorist organisations depend on financial intermediaries and deceptive fundraising methods to sustain their activities. He reaffirmed the department’s commitment to identifying and taking action against individuals and organisations allegedly providing financial assistance to Hamas.
Gaza-Based Hamas Operative Accused of Managing Financial Transfers
One of the individuals sanctioned is Saleem Abdallah Saleem al-Zaq, a Gaza-based deputy battalion official associated with Hamas’s military wing, the Al-Qassam Brigades.
The US Treasury alleges that al-Zaq supervised a financial network that used money transfer services and cryptocurrency wallets to channel funds to Hamas. He was also reportedly associated with the group’s media operations and attended official events involving senior Hamas figures.
OFAC designated al-Zaq under the US government’s counterterrorism sanctions framework, citing his alleged role in acting on behalf of Hamas and facilitating its financial activities.
France-Based Individuals Accused of Using Charitable Organisations
The sanctions also target Faouzi Barika and Amel Oualid, two individuals based in France who, according to the US Treasury, operated organisations presented as humanitarian fundraising initiatives for civilians in Gaza.
US authorities allege that the two individuals worked with al-Zaq to collect donations and transfer funds to him, which were subsequently channelled to Hamas. The alleged network reportedly relied on cryptocurrency transactions, online fundraising accounts and social media promotion to facilitate its activities.
Barika is associated with Association Baraka, a France-based organisation allegedly established to collect public donations and transfer funds through the network. Oualid established another organisation, Ensemble C Mieux, which the Treasury alleges was used for similar fundraising and financial transfer activities.
According to the Treasury’s findings, the two individuals and al-Zaq collectively raised more than US$2 million over a six-year period. The department also alleges that hundreds of thousands of dollars were transferred through cryptocurrency channels and that al-Zaq promoted their fundraising accounts on social media.
OFAC has designated Barika and Oualid for their alleged financial and material support to Hamas or its associated operative. Association Baraka and Ensemble C Mieux have also been sanctioned on the grounds of their alleged ownership or control by the designated individuals.
Coordinated US Operation to Disrupt Terror Financing
The Treasury’s action is part of a broader, multi-jurisdictional operation led by the Federal Bureau of Investigation (FBI) to dismantle Hamas-linked fundraising networks, including operations allegedly active within the United States.
The initiative involves coordination between federal agencies and local law enforcement partners, including the New York Police Department. The Treasury and FBI are working together to identify financial facilitators, investigate suspected misuse of charitable organisations and disrupt channels allegedly used to finance terrorism.
US authorities have indicated that they will continue targeting international financial networks, intermediaries and organisations suspected of providing financial support to Hamas.
Sanctions and Financial Restrictions
Under Executive Order 13224, as amended, the US Treasury has placed the designated individuals and organisations under financial sanctions. Their assets and property interests within US jurisdiction, or held or controlled by US persons, are subject to blocking requirements and must be reported to OFAC.
The restrictions generally prohibit US persons and entities from conducting transactions involving the designated parties unless specifically authorised or exempted. Organisations owned 50% or more, directly or indirectly, by sanctioned individuals are also subject to blocking measures under OFAC rules.
Violations of these sanctions may lead to civil or criminal penalties. Foreign financial institutions that knowingly facilitate significant transactions involving designated individuals may also face secondary sanctions, including restrictions on their access to the US financial system.
OFAC has also outlined procedures through which designated individuals and entities can seek removal from the sanctions list in accordance with applicable laws.
Criminal Investigation and International Cooperation
Separately, the US Department of Justice announced criminal charges and arrests in connection with the alleged financing network. The actions included arrests in the United States and France as part of coordinated law enforcement operations. The Justice Department stated that the investigation involved the FBI, local law enforcement agencies and international partners.
United States Department of Justice
+1
The Treasury’s sanctions announcement and the Justice Department’s criminal proceedings form part of a broader effort to investigate and disrupt the alleged financial channels. The criminal charges remain allegations, and individuals charged are presumed innocent unless proven guilty in court.
The US Treasury stated that its sanctions policy is intended to disrupt illicit financial activities and encourage changes in behaviour, while maintaining the ability to review requests for removal from sanctions lists under established legal procedures.
Source: US Department of the Treasury, Office of Foreign Assets Control, October 2, 2026.
U.S. Department of the Treasury
+1
By Suman Munshi | IBG NEWS
