On July 23 and 24, the United States, Italy, and Saudi Arabia hosted the 20th meeting of the Counter ISIS Finance Group (CIFG) virtually under the Global Coalition to Defeat ISIS. The U.S. Treasury Department and the U.S. Department of State jointly represented the United States at this event, which included over 50 member states and observers.
The following is a joint statement from the CIFG co-leads:
"As the Global Coalition to Defeat ISIS (Daesh) prepares to mark its ten-year anniversary, the CIFG remains a crucial part of its mission. We must continue to work together and increase our efforts to counter a rising ISIS threat, prevent mass-casualty terrorist attacks, and ensure the group does not re-establish a safe haven anywhere in the world."
During their latest meeting, CIFG participants exchanged information on detecting and disrupting ISIS financing sources and methods across various regions including the Middle East, Africa, and Asia. The group highlighted ongoing issues such as ISIS's abuse of money services businesses like hawalas and increasing use of virtual assets for terrorist operations. In certain jurisdictions, ISIS facilitators continue to rely on cash smuggling, transfer funds through front companies, use sham charities for fundraising, and solicit donations online using fraudulent charitable appeals. Particularly across Africa, ISIS operatives generate revenue through criminal tactics such as extortion, kidnapping-for-ransom, and illicit mining of natural resources. Government officials and independent experts presented case studies during the meeting to illustrate these vulnerabilities and best practices to address them.
The CIFG co-leads—Italy, Saudi Arabia, and the United States—called on partners to implement comprehensive strategies consistent with several lines of effort:
- Increase timely information-sharing with relevant authorities on ISIS financing networks.
- Strengthen oversight of informal funds transfer mechanisms, mobile payment systems, and virtual asset service providers (VASPs).
- Employ adequate security measures in areas where ISIS operates.
- Work together to strengthen anti-money laundering/countering financing of terrorism (AML/CFT) regimes.
- Strengthen regulations and increase dissuasive public actions against ISIS financial facilitators.
"We are committed to depriving ISIS of resources to commit atrocities and spread its extremist ideology," stated the CIFG co-leads. "As we continue to strengthen international cooperation and enhance countering financing of terrorism measures, our collective hard work will help ensure that the Global Coalition holds ISIS accountable for its crimes."
Click here to read the accompanying Fact Sheet on ISIS Financing.
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