UN moves to tighten net around Daesh finances

UN Secretary-General Ban Ki-moon

The UN Security Council holds its first-ever meeting of finance ministers Thursday to adopt a wide-ranging draft resolution aimed at ramping up sanctions against the Daesh group and cutting off its revenue flows.
US Treasury Secretary Jacob Lew will lead the 15-member council for the vote that comes amid a major diplomatic push to end the war in Syria, where Daesh militants control a large swathe of territory and have installed their de facto capital.
The draft resolution is expected to win unanimous backing from the council, including Russia, Syria's ally which is now in the third month of its air campaign in support of President Bashar Al Assad.
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The measure builds on a previous resolution setting up an Al Qaeda blacklist, which will be renamed the "Daesh and Al Qaeda sanctions list" to signal the UN's stronger focus on the militant group.
It calls on governments to ensure they have adopted laws that make the financing of Daesh 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 Daesh group, and to "more actively" submit names to the sanctions list.
A Russian-drafted resolution on cutting off the militants' revenue streams was adopted in February, but diplomats complain that countries have been slow to take action to choke off sources of funding.
The latest measure would require all countries to report within 120 days on steps taken to target Daesh financing.
UN Secretary-General Ban Ki-moon will be asked to prepare a sweeping report in 45 days on the Daesh threat and its revenue streams.
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"If we can get at Daesh's wallet and its financial coffers in an intensified and even more aggressive way, that's going to have a material effect on their ability to prosecute war," US Ambassador Samantha Power said.
According to the London-based IHS analysis firm, the group is pulling in $80 million per month, but Russian and US coalition air strikes on oil facilities are putting a strain on its finances.
A UN sanctions committee made up of the 15 Security Council member states can impose an assets freeze, travel ban and arms ban on individuals and entities linked to Daesh militants.

• MENA