U.S. Sanctions Nigerian Bureaux De Change for Terror Financing

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed terrorism-related sanctions on three Nigerian bureaux de change, accusing them of financing the Islamic State West Africa Province (ISWAP).

The sanctioned entities are linked to Mukhtar Adamu Muhammad, who is alleged to conduct money transfers and provide financial services for ISWAP. This action is part of a larger initiative to dismantle terrorist networks in the Lake Chad region, which has seen a rise in complex terrorist threats since the emergence of ISWAP from Boko Haram in 2016.

The sanctions also target individuals like Miloud Abderrahman and Abdelhakim Boukich, who are accused of facilitating financial transactions for ISWAP and using cryptocurrency to evade sanctions. The U.S. aims to disrupt the financial infrastructure supporting ISWAP and similar groups, reflecting ongoing concerns about the exploitation of Nigeria's financial system by extremist organizations.