US Treasury to launch new sanctions against Hamas this week

The US Treasury Department is preparing to announce new sanctions against several Hamas leaders this week as part of the US response to the militant group’s attack on Israel, US officials said, Report informs referring to Axios.

Hamas relies on global financial networks to fund its operations, which are based out of the Gaza Strip. The sanctions aim to disrupt that flow of money.

Hamas has been a designated terrorist organization in the US, the EU and other Western countries for several decades.

While Hamas leaders don't have assets in the US, the sanctions will increase pressure on some of the countries that host them, like Qatar.

The Treasury Department is working closely with the private sector to enforce existing sanctions and execute new ones.

This week's set of sanctions is likely the first batch in several rounds to come, according to a US official.

Brian Nelson, Treasury undersecretary for terrorism and financial intelligence, explained to a Deloitte anti-money laundering conference in New York on October 17 how his department has worked to disrupt Hamas's financing operations over the last two decades - and hinted at what Treasury plans to do in the future.