In 2018, Israeli security officials stumbled upon a treasure trove of secret documents exposing Hamas’s private equity fund. These documents revealed a vast network of assets worth hundreds of millions of dollars that Hamas used to finance its operations. The potential to cripple Hamas’s financial resources and disrupt its plans was within reach, yet both Israeli and American officials failed to act. This article delves into the missed opportunity of dismantling the Hamas money machine and the consequences it had on the security landscape in the region.

The Secret Ledgers: A Glimpse into Hamas’s Finances

In a daring operation, Israeli agents managed to pilfer secret documents from a senior Hamas official’s computer. These ledgers provided intricate details of Hamas’s financial activities, exposing a web of companies involved in mining, chicken farming, road building, and real estate ventures. Notably, twin skyscrapers in the United Arab Emirates, a property developer in Algeria, and a Turkish stock exchange-listed real estate firm were among the assets controlled by Hamas. The implications of these revelations were significant, as they presented an opportunity to disrupt Hamas’s financial network and curb its activities.

Failure to Prioritize Financial Intelligence

Despite possessing the critical financial intelligence that could have dealt a severe blow to Hamas, both Israeli and American officials failed to prioritize its utilization. The ledgers clearly showed the flow of tens of millions of dollars from the identified companies to Hamas precisely when the terrorist organization was acquiring new weapons and preparing for an attack. This failure to act allowed Hamas to build up its military infrastructure and lay the groundwork for the October 7 attacks.

The Consequences of Inaction

The consequences of not acting upon the information contained in the secret ledgers were far-reaching. Hamas, bolstered by the influx of funds, was able to strengthen its military capabilities, making it a more formidable threat to regional stability. The October 7 attacks, which could have been prevented, resulted in significant civilian casualties and heightened tensions in the region. The failure to disrupt the Hamas money machine had dire consequences that could have been avoided.

Missed Sanctions Opportunities

One of the glaring oversights was the lack of sanctions imposed on the companies identified in the ledgers. Despite having concrete evidence of their involvement in funding Hamas’s activities, neither the United States nor Israel took any public action against these entities. This failure to hold the companies accountable allowed them to continue their operations unabated, further enabling Hamas’s financial strength.

Turkey’s Role: A Hub of Financial Network

Turkey emerged as a critical hub in Hamas’s financial network. The ledgers pointed to Turkey as a central player, as it housed a real estate firm listed on the Turkish stock exchange. However, despite the evidence linking Turkey to Hamas’s financing, there was no public pressure to shut down this operation. The lack of action on Turkey’s part to sever ties with Hamas’s financial network allowed the money to continue flowing, ultimately contributing to the strengthening of Hamas’s military capabilities.

Lessons Learned: The Importance of Financial Intelligence

The missed opportunity to dismantle the Hamas money machine serves as a lesson on the vital role of financial intelligence in countering terrorist organizations. By prioritizing the analysis and utilization of such intelligence, governments can disrupt the funding networks that sustain terrorist groups. The Israeli and American officials’ failure to act highlights the need for increased cooperation, coordination, and swift action when faced with critical financial information.

Strengthening Counterterrorism Efforts

To prevent similar oversights in the future, it is crucial for governments to enhance their counterterrorism efforts by prioritizing the analysis of financial intelligence. This includes establishing robust mechanisms for sharing and acting upon information relating to the funding of terrorist organizations. Additionally, international cooperation and pressure must be exerted on countries hosting entities involved in financing terrorism to sever their ties and ensure accountability.


The failure to turn off the Hamas money machine, despite having access to critical financial intelligence, had severe consequences for regional security. The missed opportunity to disrupt Hamas’s financial network allowed the terrorist organization to strengthen its military capabilities and carry out devastating attacks. This serves as a reminder of the importance of prioritizing financial intelligence and taking swift action to dismantle the funding mechanisms of terrorist organizations. By learning from this missed opportunity, governments can work towards more effective counterterrorism strategies and prevent future tragedies.