UN set to adopt resolution to disrupt ISIL funds

Finance ministers from the 15 nations on the U.N. Security Council will meet on Dec. 17 to adopt a resolution aimed at disrupting the outside revenue that the Islamic State of Iraq and the Levant (ISIL) extremist group gets from selling oil and antiquities, from ransom payments and other criminal activities.

The ISIL group is already subject to U.N. sanctions under resolutions dealing with al-Qaida. But the proposed resolution, sponsored by the United States and Russia, elevates ISIL to the same level as al-Qaida, reflecting its split from al-Qaida and the growing threat it poses especially in the Mideast and North Africa.

U.S. Treasury Secretary Jacob Lew, who will chair the meeting, said when the meeting was announced earlier this month that disrupting the ISIL's financing and cutting it off from the international financial system "are critical to effectively combating this violent terrorist group."

U.S. Ambassador Samantha Power told reporters on Dec. 16 that the meeting is an unprecedented chance to bring together the people with the technical abilities to track and cut off funds to "starve" the ISIL of resources.

ISIL, also known Daesh, controls a large swath of Syria and Iraq, including oil and gas fields, though bombing campaigns by the U.S.-led coalition and ground forces have enabled Iraq to regain some territory.

While the resolution is aimed at cutting off some of ISIL's outside revenue streams, a U.N. diplomat and U.S. official said the majority of funding for the extremist group comes from internal sources which are difficult to disrupt. Both spoke on condition of anonymity because they were not authorized to speak publicly.

The U.S. official said getting at ISIL's revenue is a serious challenge...