Jacob Lew, US Treasury Secretary and US Ambassador to the UN Samatha Power speak as Finance Ministers gather at the United Nations Security Council holding the first meeting of Finance Ministers on  December 17, 2015 in New York. The meeting was to adopt a wide-ranging draft resolution aimed at ramping up sanctions against the Islamic State group and cutting off its revenue flows. AFP PHOTO / TIMOTHY A. CLARY
Jacob Lew, US Treasury Secretary and US Ambassador to the UN Samatha Power speak as Finance Ministers gather at the United Nations Security Council holding the first meeting of Finance Ministers on December 17, 2015 in New York. The meeting was to adopt a wide-ranging draft resolution aimed at ramping up sanctions against the Islamic State group and cutting off its revenue flows. AFP PHOTO / TIMOTHY A. CLARY

UNSC adopts resolution to cut off funding to IS, Al-Qaeda with member nations vowing to ramp up sanctions

United Nations : UN Security Council has unanimously adopted a resolution to cut off all sources of funding to ISIS and Al-Qaeda with finance ministers from the member nations vowing to ramp up sanctions against the terror groups.

 In the resolution adopted here  at the first-ever meeting of finance ministers, the 15-member body called for enhanced actions, from closing financial system loopholes to stopping the abuse of charitable causes, as well as updating the existing ISIS and Al-Qaeda Sanctions List.

At the session presided over by American Treasury Secretary Jack Lew under US’ monthly presidency, the Council stressed that already existing resolutions mandating nations to ensure that financial assets are not transferred to terrorists by persons within their territory “shall also apply to the payment of ransoms to individuals, groups, undertakings or entities on the ISIS and Al-Qaeda Sanctions List regardless of how or by whom the ransom is paid.”

The resolution called for increased international cooperation in sharing information and closer collaboration with the private sector to identify suspect transactions.

The Council also called on Member States to promote enhanced vigilance by persons within their jurisdiction to detect any diversion of explosives and raw materials and components that can be used to manufacture improvised explosive devices or unconventional weapons, including chemical components, detonators, detonating cord, or poisons.

Lew told the Council that ISIS is a challenging financial target.

“Unlike other terror groups, ISIS derives a relatively small share of its funding from donors abroad.

Instead, ISIS generates wealth from economic activity and resources within territory under its control. “ISIS’ financing has evolved from seizing territory and looting bank vaults to leveraging more renewable revenue streams: so far, ISIS has reaped an estimated $ 500 million from black market oil and millions more from people it brutalises and extorts,” Lew said.

“We need meaningful implementation, coordination, and enforcement from each country represented here, and many others.

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