UN Security Council to adopt resolution to choke Islamic State funds

The UN Security Council is set today to adopt a resolution aimed at choking off millions of dollars in earnings from oil sales, antiquities trafficking and ransom payments to the self-described Islamic State group.

hidden February 12, 2015 19:30:35 IST
UN Security Council to adopt resolution to choke Islamic State funds

United Nations: The UN Security Council is set today to adopt a resolution aimed at choking off millions of dollars in earnings from oil sales, antiquities trafficking and ransom payments to the self-described Islamic State group.

Russia drafted the first outline of the measure, which reaffirms the council's resolve to confront the threat posed by the jihadists who overran parts of Syria and Iraq nearly a year ago.

UN Security Council to adopt resolution to choke Islamic State funds

Representational image. Reuters

The resolution calls for sanctions against individuals and entities that trade in oil with IS and Al-Qaeda affiliates such as the Al-Nusra Front in Syria.

The measure urges all 193 countries of the United Nations to take "appropriate steps" to prevent the trade in cultural property from Iraq and Syria and directs the UN cultural agency UNESCO to help put in place a ban.

It also reminds governments worldwide that they must "prevent terrorists from benefiting directly or indirectly from ransom payments or political concessions" to secure the release of hostages.

That provision was directed at European governments which have found ways to circumvent the ban on paying ransoms to win the release of captive nationals.

The resolution builds on other measures adopted by the council to clamp down on IS revenue streams and combines them into a single effort to hit at jihadist financing.

Drafted under chapter seven of the UN charter, the resolution can be enforced through sanctions or use of force, even though it does not authorize military force.

Iraq's ambassador to the United Nations, Mohamed Ali Alhakim, said the fall of Mosul to IS fighters last year had generated a revenue boon for the Islamists from the looting of art and archeological treasures.

"Mosul is a historic city, the University of Mosul is one of the oldest. It has art and treasures and these were all stolen," said Alhakim.

"They are not only looting, they are chopping down walls" of ancient buildings, he told AFP.

The UN measure has the potential to upset links between the jihadists and organized crime rings operating in eastern Europe, Turkey and Jordan, he said.

The Iraqi envoy said the resolution spells out measures to combat IS financing on several fronts and obliges all countries to report on the measures they are taking within 120 days.

A report by the UN's Al-Qaeda monitoring team released in November estimated that the jihadists earn USD 850,000 to USD 1.65 million per day from oil sales.

AFP

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