Somali militant group al Shabaab is moving millions of dollars through the formal banking system and even appears to be investing in businesses and real estate.
That's according to a U.N. report due to be published this week, which details the "strong financial position" of the al-Qaeda linked insurgents.
Al Shabaab has been battling Somalia's government for years, carrying out frequent bombings and attacks, and has also killed hundreds of civilians in Kenya and Uganda.
In a rare glimpse into its finances, the report from the U.N. sanctions panel on Somalia says al Shabaab "generates a significant budgetary surplus" - some of which is invested in property and businesses in the capital Mogadishu.
It also gives details on two bank accounts held at Salaam Somali Bank which was founded in 2009 as part of the Hormuud group of companies.
Nearly $1.7 million is said to have moved through one of the accounts during a 10-week period this year while over four months $1.1 million passed through the other - which appeared to handle fees levied on businessmen using Mogadishu port.
Somalia's Financial Reporting Center said it was investigating. The bank did not respond to requests for comment.
But those accounts raise questions about Somalia's capacity to enforce a 2016 law aimed at curbing terrorist financing.
The U.N. report also details how the Islamist insurgents make millions from road checkpoints and through payments from fearful businesses.
With around 5,000 fighters, al Shabaab controls towns and countryside in southern Somalia, but its spies and assassins operate nationwide.
It's estimated expenditure last year was around $21 million with about a quarter going to its Amniyat intelligence arm.