United Nations, United States: Finance ministers from the UN Security Council unanimously adopted on Thursday a wide-ranging resolution aimed at ramping up sanctions against the Islamic State group and cutting off its revenue flows.
US Treasury Secretary Jacob Lew led the council's first-ever meeting of finance ministers, shoring up a major diplomatic push to end the war in Syria, where ISIS jihadists control a large swathe of territory and have installed their de facto capital.
The resolution calls on governments to ensure they have adopted laws that make the financing of IS and of foreign fighters who join its ranks a serious criminal offense.
It urges countries to "move vigorously and decisively to cut the flow of funds, and other financial assets and economic resources" including oil and antiquities to ISIS, and to "more actively" submit names to the sanctions list.
"While we are making progress to financially isolate ISIL, if we are to succeed we all must intensify our efforts, on our own and together at the international level," said Lew.
UN Secretary-General Ban Ki-moon will be asked to prepare a sweeping report in 45 days on the ISIS threat and its revenue streams, focusing also on funding for foreign fighters.
About half of ISIS revenues come from extortion and looted property, 43 percent from oil sales and the remainder from drug smuggling, electricity sales and donations, according to IHS.
US Treasury Secretary Jacob Lew led the council's first-ever meeting of finance ministers, shoring up a major diplomatic push to end the war in Syria, where ISIS jihadists control a large swathe of territory and have installed their de facto capital.
The resolution calls on governments to ensure they have adopted laws that make the financing of IS and of foreign fighters who join its ranks a serious criminal offense.
It urges countries to "move vigorously and decisively to cut the flow of funds, and other financial assets and economic resources" including oil and antiquities to ISIS, and to "more actively" submit names to the sanctions list.
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"While we are making progress to financially isolate ISIL, if we are to succeed we all must intensify our efforts, on our own and together at the international level," said Lew.
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UN Secretary-General Ban Ki-moon will be asked to prepare a sweeping report in 45 days on the ISIS threat and its revenue streams, focusing also on funding for foreign fighters.
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About half of ISIS revenues come from extortion and looted property, 43 percent from oil sales and the remainder from drug smuggling, electricity sales and donations, according to IHS.
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