New Hamas sanctions from the Treasury focus on intermediaries and shell companies.

• US Treasury hits Hamas with new sanctions.
• Charities and banks targeted.
• A top Treasury official says that Hamas should have no place to hide.

The Treasury Department of the United States declared a new set of sanctions against Hamas' fundraising network on Friday, marking the department's second attempt to restrict Hamas' financial resources since the October 7 terrorist attacks that resulted in the deaths of 1,400 Israelis and the abduction of 200 more.

Brian Nelson, Treasury Under Secretary for Terrorism and Financial Intelligence, stated in an interview with CNBC Friday that a significant factor for taking immediate action is the heightened fundraising efforts observed following this month's attack.

This week, Nelson was in Saudi Arabia and Qatar, advocating for greater collaboration from Gulf countries, some of which have ongoing communication with Hamas. From Doha, he stated that Treasury officials have intensified their efforts to halt the transfer of funds to Hamas in recent days.

On Friday, Deputy Treasury Secretary Wally Adeyemo was in London and announced the measures the United States and its allies are taking to intensify the financial pressure on Hamas.

He stated that although Hamas has been subject to sanctions for many years, it is crucial to target emerging shell companies, middlemen, and facilitators.

Hamas should have nowhere to hide as we collaborate with partners and allies worldwide to enhance information sharing and combat terrorist financing, as stated by Adeyemo.

Adeyemo highlighted the significance of banks and cryptocurrency platforms in the sanctions campaign, in addition to international cooperation.

If financial institutions and digital asset companies do not take steps to prevent terrorists from accessing resources in the virtual currency ecosystem, the United States and its partners will act to prevent illicit financial flows.

The US imposed new sanctions on several members of Iran's Revolutionary Guard for supporting Hamas through various means, including two newly designated entities, "Islamic National Bank" and "Al-Ansar Charity Association."

The Treasury stated in its sanctions announcement that the charity "facilitates terrorist activities."

Front companies in Turkey, Spain, and Sudan were given sanctions designations.

Matt Levitt, a former intelligence analyst at Treasury, stated in an interview with CNBC on Friday that this action is not the last one to be taken by the Treasury.

This week, Levitt, a leading expert on terror financing at the Washington Institute for Near East Policy, testified twice on Capitol Hill about Hamas' sources of funding and ways to prevent it.

While much attention has been given to Hamas's global financial connections with Iran in recent weeks, the militant group primarily obtains its funds through internal taxation and extortion within Gaza.

Due to the near constant air strikes on Gaza since Oct. 7, which resulted in the displacement of hundreds of thousands of civilians and a halt in commerce, Hamas had limited funds to access.

"Hamas is about to experience changes," said Levitt.

After delivering a speech in London, Adeyemo is traveling to Brussels to meet with EU officials and further the effort of dismantling Hamas' funding networks.

In the upcoming weeks, officials like Adeyemo and Nelson will have to determine how far the United States is willing to go unilaterally to target Hamas's financing.

Both parties agreed that Washington is prepared to act independently if required, but they emphasized that diplomacy and cooperation from governments and financial institutions are more effective in achieving their goals.

While Levitt concurred, he emphasized that diplomacy has its limits. He highlighted that several charities subject to sanctions continue to function under Hamas' leadership. The US, he asserted, must be ready to take more decisive action.

The private sector in Turkey must understand that if the government and charitable organizations are not acting correctly, they will be cut off from the global financial system for helping Hamas.