The United Nations Security Council (UNSC) has passed its first comprehensive terror financing resolution which made terrorism financing a serious crime.
The resolution calls on countries to “ensure that their domestic laws and regulations establish [terror financing as] serious criminal offences.” Currently only a fifth of the world nations has such a law.
The French resolution asks countries to uphold international humanitarian, human rights and refugee law in the fight against terror financing and establish financial intelligence units to combat the problem of terror financing.
The UN’s counter-terrorism chief, Vladimir Voronkov, said that the adoption comes at a “critical time,” with recent attacks demonstrating that terror groups continue to have access to both legal and illegal sources of funding.
The resolution calls for the UN Office of Counter-Terrorism (UNOCT) – set up in 2017 to strengthen the Organization’s ability to implement s global counter-terrorism strategy – to play a leading role in identifying ways to suppress terrorist financing.