UN set to adopt resolution to disrupt Islamic State funds

ERBIL, Kurdistan Region-Despite their differences in war-torn Syria both the United States and Russian are seeking to take joint steps at the United Nations Security Council to eliminate the Islamic State (ISIS) terrorist group’s ability to generate revenue.

It builds on a Security Council action in February that banned trade in antiquities from Syria, threatened sanctions on anyone buying oil from Islamic State and al Qaeda-linked Nusra Front militants and urged states to stop kidnap ransom payments.

The resolution elevates Islamic State to the same level as al-Qaeda, the terrorist group behind September 11 attacks on NY and the Pentagon.

The resolution chose to “freeze without delay the funds and other financial assets or economic resources of these individual groups, undertaking and entities, including funds derived from property owned or controlled directly or indirectly, by them or by persons acting on their behalf or at their direction, and ensure that neither these nor other funds, financial assets or economic resources are made available, directly or indirectly for such persons’ benefit, by their nationals or by persons within their territory”.

Daesh has been the subject of Security Council sanctions since mid-2013 under its “Al-Qaida Sanctions List”.

“In order to sustain its oil infrastructure and military efforts, [the Islamic State] needs access to the global financial system”, Lew said.

The mammoth 28-page draft resolution, which is expected to be adopted today (Dec 17) at a meeting led by US Treasury Secretary Jacob Lew, repackages sanctions that have been in place for more than a dozen years, but are often flouted.

The US ambassador to the United Nations, Samantha Power, described that prospect as “the first, very high profile way that the Security Council would show its unity around the importance of achieving a political settlement” and routing the Islamic State.

The extremist group controls swathes of Syria including oil and gas fields, and parts of Iraq, including Mosul, its third-largest city.

The group gets much of its financing – estimates of $500 million so far – from black market oil sales.

The document, which is based on UN Charter Article VII and takes effect immediately, calls for members to “move vigorously and decisively to cut the flow of funds” to IS.

The resolution also asks countries to report on what they have accomplished in disrupting IS’ financing within the next 120 days.

Obama said there is no specific, credible threat of a possible terror attack on the United States and reminded the country to stay viligant.

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.

ISIL, which gets money from ransom payments and other criminal activities, is already subject to United Nations sanctions under resolutions dealing with al-Qaeda.