February 17 2016
On February 14, the Financial Action Task Force (FATF) and the Coalition Counter ISIL Finance Group (CIFG) held a joint session to further mutually reinforcing work to combat the financing of ISIL (Da’esh) and to protect the international financial system from abuse by the terrorist organisation. This meeting convened 55 states and multilateral organisations, including the United Nations (UN), the Egmont Group of Financial Intelligence Units, the International Monetary Fund, the World Bank and other stakeholders.
The meeting leverages the global reach of both the FATF and CIFG and brings to bear the full weight of the international community’s anti-money laundering and counter terrorist financing expertise against ISIL.
During the joint session, participants exchanged information on current efforts to combat ISIL financing. Participants discussed the challenges of degrading ISIL’s sources of revenue, and pointed to meaningful progress has been made in disrupting ISIL’s ability to generate revenue and exploit financial activity taking place in ISIL-controlled territory, and in denying it access to the international financial system. These multilateral efforts have degraded ISIL’s financial strength.