UNSC Resolution on Islamic State Funding

Current Affairs: The UN Security Council unanimously adopted a resolution to cut off funds for the Islamic State the extremist group, in a firmer move by the international community to fight terrorism.

current affairsMeasures such as asset freeze, travel ban and arms embargo will be taken against the Islamic State, also known as the ISIL and Daesh that controls large swaths of Syria and Iraq, including oil and gas fields, according to the resolution.

The resolution was adopted by the 15-nation UN body at an open meeting chaired by U.S. Treasury Secretary Jacob Lew, whose country holds the rotating council presidency for December.

The resolution decided 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.”

The Security Council decided to “prevent the direct or indirect supply, or transfer to these individuals, groups, undertakings and entities from their territories or by their nationals outside their territories, or using their flag vessels or aircraft, of arms and related material of all types including weapons and ammunitions, military vehicles and equipment, paramilitary equipment, and spare parts and technical advice, assistance or training related to military activities.”

The resolution noted that ISIL is a splinter group of Al-Qaida and said that “terrorism can only be defeated by a sustained and comprehensive approach involving the active participation and collaboration of all States and international and regional organizations to impede, impair, and incapacitate the terrorist threat.”

The resolution also recognized that terrorism poses a threat to international peace and security and that countering this threat requires concerted efforts on national, regional and international levels on the basis of respect for international law and the Charter of the United Nations.

The Security Council reaffirmed that “terrorism cannot and should not be associated with any religion, nationality or civilization”.

The resolution called upon member states to move vigorously and decisively to cut the flows of funds and other financial assets and economic resources to individuals and entities on the ISIL (Daesh) & Al-Qaida Sanctions List, while condemning the frequent, recent terrorist attacks perpetrated by ISIL around the world resulting in numerous casualties.

Terrorist have forged destructive and very profitable links with drug and criminal syndicates — among others. Daesh terrorists raise money through the oil trade, extortion, undetected cash couriers, kidnapping for ransom, trafficking of humans and arms and racketeering.

They loot and sell precious cultural property, shamelessly profiting from the destruction of humanity’s common heritage.