The U.S Treasury Department issued a statement that some elements connected to Da’esh had been found involved in the currency auction window at the Iraqi Central Bank. The statement further indicated that it allowed Iraqi banks and exchange companies to access the U.S dollars, but the government of Iraq took at least one year to participate in the currency auction window at CBI. A magazine published a report that Da’ash organization got the ability to smuggle more than 400 million U.S dollars from Iraq and Syria after their defeat. The criminal group participated in currency auction between 2014 and 2015 managed by the Iraqi Central Bank. It eventually allowed banks and currency exchange firms to receive the U.S dollars in cash and support country in stabilizing the exchange rate of the Iraqi dinar against most foreign currencies, especially against the U.S dollar. But, the Baghdad government took more than one year to avoid participation of these criminal elements.
The report further indicated that Da’esh organization was well aware that Baghdad is controlling the breezy economy. The criminal elements moved currency using the old smuggling routes when they occupied some areas in Iraq and Syria during 2014. It enabled them in earning millions daily from the economic disturbance in these countries. Daash also smuggled gold and oil, and some pieces of evidence have indicated the involvement of political parties and individuals connected with them. Most of those criminal elements were from Iraq and its neighboring countries operating in the black market. The report said that criminal elements invested more than 250 million U.S dollars using middle-parties in the Iraqi market of Baghdad and liberated areas. Most tribal chiefs and businessmen have shown their clean records, but there were a number of elements connected with the terrorist organizations or groups. The report pointed out that money laundering operations operated by Daesh were managed by most companies and businesses, such as electronics shops, pharmacies, and car companies.