UN set to adopt resolution to stop flow of money to Islamic State

Countries are being urged to “move vigorously and decisively to cut the flow of funds” to so-called Islamic State, as UN finance ministers meet today. The meeting of ministers from the 15-member Security Council will adopt a resolution aimed at cutting off the flow of money to the terror group, which controls large areas of Iraq and Syria. According to London-based IHS analysts, IS is receiving $80m (£53.5m) per month, although Russian and coalition airstrikes hitting oil facilities have put pressure on this.

If we can get at ISIL’s wallet and its financial coffers in an intensified and even more aggressive way, that’s going to have a material effect on their ability to prosecute war.

US ambassador to the UN Samantha Power

Around half of the group’s funds come from looted property and extortion, 43% from oil sales and the rest from electricity sales, donations and drug smuggling, says IHS. The resolution is expected to gain unanimous support, including from Russia, Syria’s ally, which has conducted an air campaign in support of Syrian President Bashar al-Assad over the past three months. Ministers will today be asked to ensure they have adopted laws making the funding of IS and foreign fighters who join its ranks a serious crime. This includes cutting the flow of resources such as oil and antiquities to the group and “more actively” submitting names for the sanctions list. They will also be asked to share more information and involve the private sector in the fight.

The fight against the financing of terrorism is one of the priorities of the United Nations’ members and every state must take the necessary measures.

French Finance Minister Michel Sapin

Politics UN islamic state