UN Security Council adopts resolution to cut off Islamic State funding

United Nations Secretary-General Ban Ki-moon (L) speaks during a Security Council meeting at the UN headquarters in New York, Dec. 17, 2015.[Photo/Xinhua]

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.

"As Daesh and other terrorist groups disseminate their hateful propaganda and ratchet up murderous attacks, we must join forces to prevent them from acquiring and deploying resources to do further harm," UN Secretary-General Ban Ki-moon said before the council voted 15-0 to adopt the new resolution, jointly drafted by the United States and Russia.

"We know the challenge before us," the secretary-general said. "Terrorists take advantage of weaknesses in financial and regulatory regimes to raise funds. They circumvent formal channels to avoid detection, and exploit new technologies and tools to transfer resources."

Terrorist have forged destructive and very profitable links with drug and criminal syndicates -- among others, said Ban. "And they abuse charitable causes to trick individuals to contribute. They are agile and have been far too successful in attaining resources for their heinous acts."

"Terrorists continue to adapt their tactics and diversify their funding sources," the secretary-general said. "Today, Daesh runs a multi-million dollar economy in territories under its control."

"Daesh terrorists raise money through the oil trade, extortion, undetected cash couriers, kidnapping for ransom, trafficking of humans and arms and racketeering," he said. "They loot and sell precious cultural property, shamelessly profiting from the destruction of humanity's common heritage."

"Social media outreach is exploited by Daesh, not just for radicalization and recruiting, but also for fundraising," Ban added.