AL-KAWTHAR MONEY EXCHANGE

QDe.157
AL-KAWTHAR MONEY EXCHANGE
Date on which the narrative summary became available on the Committee's website: 
6 March 2018
Reason for listing: 

The Al-Kawthar Money Exchange was listed on 6 March 2018 pursuant to paragraphs 2 and 4 of resolution 2368 (2017) as being associated with ISIL or Al-Qaida for “participating in the financing, planning, facilitating, preparing, or perpetrating of acts or activities by, in conjunction with, under the name of, on behalf of, or in support of”, Islamic State in Iraq and the Levant, listed as Al-Qaida in Iraq (QDe.115).

Additional information: 

As of mid-2016, Umar Mahmud Irhayyim al-Kubaysi (QDi.412) owned Al-Kawthar Money Exchange, which was located in territory controlled by Islamic State in Iraq and the Levant (ISIL), listed as Al-Qaida in Iraq (AQI) (QDe.115).  Between late 2015 and early 2016, Al-Kawthar Money Exchange reconciled financial transfers worth approximately $2.5 million with another Iraq-based money exchange company that was associated with ISIL financial facilitators.  Al-Kawthar Money Exchange sent transfers using a Gulf-based company, which is co-owned by two ISIL facilitators. 
In spring 2014, Al-Kubaysi, as the owner of Al-Kawthar Money Exchange, reconciled deposits and withdrawals with the Hanifa Money Exchange Office (Branch Located in Albu Kamal, Syrian Arab Republic) (QDe.153).  In 2013, Al-Kawthar Money Exchange was involved in facilitating money transfers for AQI.