The United Nations Security Council has unanimously adopted a resolution to cut off all sources of funding for the Islamic State in Syria and Iraq (ISIL) and other groups it classifies as terrorist organisations.
In its first meeting at the finance ministers' level on Thursday, the 15 member states stepped up their efforts to disrupt money supply for ISIL, including preventing access to ransom payments.
The Council called for "enhanced actions, from closing financial system loopholes to stopping the abuse of charitable causes, as well as updating the existing ISIL and al-Qaeda Sanctions List".
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The UN calls ISIL a splinter group of al-Qaeda and stresses that "any individual, group, undertaking, or entity supporting ISIL or al-Qaeda" is subject to UN sanctions, including an asset freeze, travel ban and arms embargo.
Secretary-General Ban Ki-moon told the Council at the start of the debate on Thursday that ISIL has been far too quick and successful in attaining resources for their violent and deadly acts.
"As Daesh (another name for ISIL) 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," he stressed.
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Ban called for increased international cooperation in sharing information and expertise, especially in stopping the illegal trade of cultural artefacts, and closer cooperation with the private and charitable sectors to identify suspected transactions, the UN press release released on Thursday said.
The Council also called on members to be prepared to detect any diversion of explosives, raw materials and components that can be used to manufacture improvised explosive devices or unconventional weapons.
The US said earlier this month that ISIL has made up to $1.5bn from looting banks in Iraq and Syria and through black market oil sales.
Source: Al Jazeera