A draft resolution to be submitted to the UN Security Council takes "explicit" aim at the so-called ’Islamic State of Iraq and the Levant’ (ISIL) takfiri group and its lucrative trade in oil.
A draft resolution to be submitted to the UN Security Council takes "explicit" aim at the so-called 'Islamic State of Iraq and the Levant' (ISIL) takfiri group and its lucrative trade in oil, French Finance Minister Michel Sapin told AFP in an interview Wednesday.
Sapin said the resolution, to be debated Thursday, would send a "very strong political message: the fight against the financing of terrorism is one of the priorities of the United Nations' members and every state must take the necessary measures."
And ahead of Thursday's meeting with of all 15 finance ministers of Security Council member states - the first of its kind - Sapin warned that countries that fail to turn off the tap on terrorists' funding could potentially face sanctions.
France requested the meeting following the terror attacks in Paris last month that left 130 people dead and were claimed by ISIL.
"Based on an earlier resolution targeting Al-Qaeda, the new text "will be explicitly extended to Daesh", Sapin said, using another term for ISIL.
He added that it will "in particular aim for the freezing of assets that in one way or another stem from oil smuggling".
"It will also demand that states exercise special vigilance with regard to the smuggling of works of art that could feed big movements like Daesh," the minister said.
Sapin said he expects the UN resolution to be passed unanimously.
The UN resolution would provide "legal support" to countries taking action against ISIL finances, Sapin added.
The international community would then need to ensure that states were taking the same measures -- a task that would fall to the Financial Action Task Force (FATF), a Paris-based intergovernmental body that develops policies against money laundering and terrorist financing.
"Each country would be subject to review to see if it has taken all the necessary measures," Sapin told AFP.
Sapin will meet separately with US Treasury Secretary Jacob Lew -- who is chairing the finance ministers' meeting as Washington takes on the rotating Security Council presidency this month -- to discuss information-sharing on terror financing.