Joint Briefing of Two United Nations Security Council Committees Stresses Need for Member States to Do More to Counter Terrorism Financing

Terrorists require money to operate.  Without funding, they cannot purchase weapons, equipment, supplies or services.  Terrorism financing is a global phenomenon that not only threatens Member States’ security, but can also undermine economic development and financial market stability.  It is therefore of paramount importance to stem the flow of funds to terrorists.  This is why, on 14 April 2016, the Security Council 1267/1989/2253 ISIL (Da’esh) and Al-Qaida Sanctions Committee and the Counter-Terrorism Committee, together with the Financial Action Task Force, held a joint open briefing on “Depriving terrorist groups of sources of funding”.

Both committees expressed their support for the Financial Action Task Force and its crucial role as a policymaking body that develops international standards on safeguarding the international financial system from money-laundering and terrorist abuse, in close coordination with the United Nations.

In the joint briefing, which gathered representatives from the private sector to further explore the development of financial intelligence and partnerships with Governments, both committees urged Member States to do more to counter terrorism financing, stressing the need for greater cooperation, enhanced information-sharing, more innovative approaches and a better targeting of resources.

For additional information, please contact Mattias Sundholm, United Nations Counter-Terrorism Committee Executive Directorate (CTED), at e-mail:  sundholm@un.org; and/or Sarah Bradley, Permanent Mission of New Zealand to the United Nations, at e-mail:  sarah.bradley@mfat.govt.nz.