Islamic State could possess billions invested in legitimate businesses in Turkey and iraq

Islamic State could possess billions invested in legitimate businesses in Turkey and iraq

he Islamic State could be in possession of billions of euros invested in legitimate businesses in different countries, French media reported Wednesday.

Earlier in the day, a two-day "No money for terror" international conference started in Paris. The representatives of more than 70 countries gathered in the French capital to discuss the struggle against the financing of the militant groups.

According to the Europe1 radio broadcaster, the IS leadership could possess about 3 billion euros (over $3.6 billion) due to the exploitation of formerly occupied territories of Iraq and Syria, as well as through different fines imposed on IS members.

The accumulated funds had been invested in fishing farms in Iraq, as well as in other projects in Turkey and the Middle East.

In recent years, the Islamic State has seized large swathes of land in the Middle East, primarily from Iraq and Syria, and declared a caliphate. As of today, the terrorists have been driven from the vast majority of settlements and territories occupied by them. During the occupation of the Middle Eastern territories, the IS established control over larges shares of local cereal, cotton and oil production.