U.S. says Islamic State has made $1.5 billion from bank looting, oil sales

December 10, 2015 6:23 PM

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U.S. says Islamic State has made $1.5 billion from bank looting, oil sales

LONDON Islamic State militants have looted up to $1 billion from bank vaults in Syria and Iraq and has made at least another half a billion dollars from black market oil sales, senior U.S. Treasury official Adam Szubin said on Thursday.

"ISIL has made more than $500 million from black market oil sales," Szubin, acting Under Secretary for Terrorism and Financial Intelligence with the U.S. Treasury, said in remarks prepared for delivery.

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