Militants to Ministers: The Financial Profile of Hay’at Tahrir al-Sham

Group Profile

At the start of December 2024, Bashar al-Assad fled Syria, and his regime collapsed following Hay'at Tahrir al-Sham’s (HTS) advance on Aleppo. The group was able to successfully carry out the campaign due to a variety of factors, including HTS’s extensive operational planning and the Assad regime’s relative military weakness. Despite being designated as a terrorist organization, which complicated its ability to generate legitimate revenue, HTS has a sophisticated financial network that capitalizes on local taxation, foreign donations, and criminal revenue streams.

Keep reading to learn about HTS’s financial network and how it will help the group sustain power in the region.

Origins and Operations

Based in Syria’s northern Idlib province, HTS is a rebel group that opposed the Bashar al-Assad regime. The group was originally founded in 2011 as Jabhat al-Nusra, an al-Qaeda affiliate. Jabhat al-Nusra was dissolved when one of the leaders, Abu Mohammed al-Jolani, broke ranks with al-Qaeda and merged 5 Islamist militias and opposition factions in 2017 to create HTS. HTS is estimated to have between 12,000-20,000 members and mainly targets Assad forces, rival militias, and Russian operations.