Finance ministers of UN Security Council members meet to choke Daesh funding

Published December 17th, 2015 - 05:09 GMT

Finance ministers of UN Security Council member states are expected to pass a council resolution Thursday aiming to connect the global financial system to cut off funding to the Islamic State extremist group, US officials said Wednesday.

The first-ever meeting of finance ministers at the council will bring together leaders in an effort to coordinate financial systems worldwide to "starve" the Islamic State of its funding, said Samantha Power, US ambassador to the UN.

Power said finance ministers have the technical expertise needed to consolidate efforts to successfully cut off the extremist group from its resources.

Adam Szubin, acting under secretary of terrorism and financial intelligence at the US Department of Treasury, said the council was expected to adopt a resolution that would strengthen an existing UN sanctions regime on al-Qaeda to focus on the Islamic State.

The text would allow the UN to impose sanctions on any entity that aids or is associated with the extremist group and also calls on countries to step up information sharing across borders and with the private sector.

"It's about when banks see a suspicious transaction, are they flagging that for financial authorities," Szubin said.

"Is that information then accessible to law enforcement and can it be married with travel data? Can [it] be married with intelligence data so that we can have the best possible chance of disrupting the next attack?"

The Security Council adopted a resolution in February aiming to cut off funding sources of the Islamic State by suppressing illegal oil exports, trafficking of cultural heritage, ransom payments and donations to the extremist groups.


© 2021 dpa GmbH

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