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US hosts United Nations summit to combat terror funding

Published 05/12/2015

US treasury secretary Jacob Lew, pictured left with Chancellor George Osborne, will chair the UN summit
US treasury secretary Jacob Lew, pictured left with Chancellor George Osborne, will chair the UN summit

The United States is organising a summit of finance ministers from United Nations Security Council powers aimed at strengthening world efforts to fight terrorism financing - especially methods used by Islamic State (IS) extremists.

US treasury secretary Jacob Lew will chair the December 17 meeting, which will adopt a new resolution on the sanctions regime against al Qaida and IS, which is focused on the growing IS threat.

Mr Lew said cutting IS, also known as Isil, off from the international financial system and disrupting its funding "are critical to effectively combating this violent terrorist group".

"A united international front is vital to achieve that goal and this meeting marks an important step in co-ordinating our efforts," he said.

US ambassador to the UN Samantha Power has said that the United States was working on a draft resolution "that will consolidate and streamline the council's recent efforts on Isil financing, as well as include new steps to make the sanctions more effective".

And she stressed on Friday that "the United States is focused on using every tool in its toolbox to defeat Isil".

Russia has also circulated a draft resolution aimed at tightening the UN crackdown on the financing of IS and other extremist groups.

The security council adopted a Russian-sponsored resolution on February 12 which is aimed at halting illicit oil sales, trading in antiquities, and ransom payments for hostages that are key methods used by extremist groups to finance their operations.

Ms Power said the new Russian effort was focused on the same thing as the United States and expressed guarded optimism that US and Russian ideas could be moulded into a resolution.

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