In Campaign Against Islamic State Finances, FBI Shifts Focus to Correspondent Accounts

By Daniel Bethencourt and Valentina Pasquali

Islamic State increasingly relies on correspondent ties between U.S. and overseas banks to transfer funds and acquire supplies following a string of military defeats in Iraq and Syria, an FBI section chief warned Tuesday. In October, Syrian rebels and Kurdish forces supported by the United States pushed Islamic State out of Raqqa, the group’s self-proclaimed capital since 2014 and the center of its efforts to rule territory and collect revenue from a range of illicit activities, including oil theft, human trafficking and extortion. Islamic State’s financial patterns have changed since October, but its goals remain the same, Jeffrey Cannon, head...