InfoBytes Blog
Anti-ISIS coalition emphasizes international cooperation
On June 16, the Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS released a joint statement by the CIFG co-leads (the US, Italy, and Saudi Arabia), which coordinates efforts to isolate the Islamic State of Iraq and Syria (ISIS) from the international financial system and eliminate its revenue sources. CIFG held its eighteenth meeting on June 7, and during the meeting attendees discussed ISIS’s presence in Africa and partner countries presented on actions taken to disrupt ISIS financing. The presentations also “demonstrated how coordinated action and information-sharing among states, non-governmental organizations (NGOs), and the private sector amplify the impact of law enforcement investigations, targeted sanctions, prosecutions, and other measures against ISIS financing networks.” The CIFG co-leads also mentioned that international cooperation has been vital in disrupting ISIS transactions outside of the formal financial system especially, amongst other things, amid the increasing use of virtual assets and mobile payment systems. CIFG members and observers are seeking, among other things: (i) support from counterterrorism partners, NGOs, and the private sector to increase information sharing; (ii) cooperation from countries prone to exploitation by ISIS financers; (iii) to assist vulnerable jurisdictions in their efforts against money laundering and terrorism financing; (iv) to urge Global Coalition members, particularly in Africa, to support their military to combat ISIS insurgency; and (v) to assist in a risk-based approach to implementing effective regulations, especially in the case of mobile payment platforms and virtual asset service providers. With a focus on international cooperation, CIFG members said they will continue to closely work with counterterrorism partners to disrupt ISIS funding sources and methods.