The U.S. Treasury Department’s Office of Foreign Assets Control designated five parties on October 2 over what it described as a Hamas financing network involving purported charities and cryptocurrency. The designees were a member of Hamas’s military wing, two individuals based in France and two affiliated entities.

Treasury said the three individuals collected more than $2 million for Hamas between 2020 and 2026, including $1.5 million after October 7, 2023. It said the France-based individuals sent hundreds of thousands of dollars in cryptocurrency to the Hamas figure. These are Treasury’s stated grounds for the sanctions designation, not findings from a criminal trial.

The action was taken under Executive Order 13224, as amended. Treasury said covered property in the United States or controlled by U.S. persons is blocked and must be reported to OFAC.

Why it matters

  • U.S. persons must account for blocking and reporting requirements involving designated parties and covered property.
  • The case highlights Treasury’s focus on alleged use of charitable fundraising and crypto transfers in terrorist financing.