UN pushes countries to crack down on terror financing

The UN Security Council ordered countries worldwide to step up the fight against terrorism financing yesterday by ensuring they have laws that make it a serious crime to fund terrorist acts. The council unanimously adopted a French-drafted resolution that was the first stand-alone measure dedicated specifically to countering the financing of terrorism.

The resolution calls on all states to “ensure that their domestic laws and regulations establish serious criminal offenses” to prosecute those who collect funds or provide economic resources to terror organisations or individual terrorists. The binding resolution was drafted under chapter 7 of the UN Charter, which means it can be enforced with sanctions.

The resolution urged countries to establish financial intelligence units to track terrorism financing and to share information on their investigations. The resolution would also contribute to halting ransom payments for kidnappings by terror groups, which have become a major source of funding.

“States must not allow hostage-takers or terrorists to benefit from ransom payments,” Marshall Billingslea, president of the Financial Action Task Force said.