The United Nations Security Council held a special meeting in New York City late last week with global finance ministers, chairedby U.S. Treasury Secretary Jacob Lew, on how to fight ISIL through its finances and targeting its sources of financing.
It was the first time in its 70-year history that Security Council members had their finance ministers represent them at a meeting. U.N. Secretary-General Ban Ki-moon also spoke during the meeting.
One of the Obama administration’s goals is to isolate ISIL from terrorism financiers, as part of its strategy to weaken and defeat the group.
One idea discussed on how to cut off ISIL from its funding is to impose sanctions on nations that support ISIL, as well as isolate the group from the larger international financial system.
Similar steps were taken against al Qaida, through the Security Council's 1267/1989 al-Qaida sanctions regime, which imposed an asset freeze, travel ban and weapons-transfer ban on al-Qaida and its associates.
U.N. Security Council targets ISIL's finances
Alerts Sign-up