Hamas has three sources of power: its physical force inside Gaza, the reach of its ideas and its income. Since Hamas’s attacks on October 7th, Israel has killed more than 12,000 Palestinians in Gaza in seeking to wreck the first. But Israel’s declared goal of destroying Hamas for good requires its financial base to be dismantled, too. Very little of this sits in Gaza at all. Instead, it is overseas in friendly countries. Furnished with money launderers, mining companies and much else, Hamas’s financial empire is reckoned to bring in more than $1bn a year. Is  Israel is powerless to dismantle the group’s finances?

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