Islamic State’s £230m war chest to fund attacks

ISLAMIC State militants have hidden away millions of pounds to pay for future terror attacks across the world, the UN has warned.

The group has up to $300million (£230million) held in reserves despite facing near defeat on the battlefield, according to analysis by the Security Council. It found some money has been ‘smuggled into neighbouring countries for safekeeping’ while still more is invested in legitimate businesses.

The report, presented this week, said IS commanders ordered that the funds be hidden as they were driven out of former strongholds Mosul, in Iraq, and Raqqa, in Syria.

The UN also warned of the group establishing ‘front companies’ and trying to infiltrate local government. It said: ‘One member state described IS financial assets as having been largely hidden from view, with a strategic intent still focused on larger-scale attacks once the opportunity re-emerges.’