UN resolution to curb Islamic State revenue flows

U.S. Treasury Secretary Jacob Lew is to lead the UN Security Council’s first-ever meeting of Finance Ministers for a vote to ramp up sanctions against the Islamic State and cut off its revenue flows. The draft resolution is expected to win unanimous backing from the 15-member council, including Russia, Syria’s ally which is now in the third month of its air campaign in support of President Bashar Al-Assad.

The measure builds on a previous resolution setting up an al-Qaeda blacklist, which will be renamed the “ISIL [Daesh] and Al-Qaeda sanctions list”. It also 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.

The measure 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 the IS group, and to “more actively” submit names to the sanctions list. — AFP

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