The United States, Italy, and Saudi Arabia recently held the 21st meeting of the Counter ISIS Finance Group (CIFG), part of the Global Coalition to Defeat ISIS. This virtual meeting took place on February 4-5 and included over 30 member states and observers. The U.S. Departments of the Treasury and State represented the United States.
In a joint statement, CIFG co-leads emphasized the importance of combating ISIS's persistent threat: "The work of the Global Coalition to Defeat ISIS (Daesh) remains critical to combat the persistent and diffuse ISIS threat. As recent attacks in Syria have reminded us, ISIS is still able to fund, inspire, and support terrorist acts globally, and we must all remain vigilant."
During the two-day meeting, participants discussed insights into ISIS financing, sharing updates on countering fundraising networks across various regions including Africa, Asia, Europe, and the Middle East. They highlighted traditional methods such as cash couriers and hawalas alongside modern technologies like mobile money transfer applications and virtual asset service providers (VASPs). Concerns were raised about terrorists using stolen or fake identification at VASPs for transactions.
The group noted that ISIS increasingly relies on autonomous networks that are self-funded through diverse financial sources. This situation necessitates a coordinated international response to tackle terrorist financing threats effectively. Participants underscored international cooperation's significance, particularly information sharing with private sectors.
"By cutting off funding streams," they stated, "the Global Coalition to Defeat ISIS can do more than weaken ISIS’s operational capacity—Coalition members can dismantle its ability to inspire, recruit, and sustain its narrative of power."
CIFG co-leads called for enhanced cooperation among coalition members through several measures: improving information-sharing efforts; monitoring digital platforms for fundraising activities; strengthening security measures; bolstering AML/CFT regimes according to FATF standards; and increasing public actions like prosecutions and targeted sanctions.
They concluded by stressing that fighting against ISIS financing is essential for nations' safety and stability: "The fight against ISIS financing is not just a fight against terrorism; it is a fight for the safety, stability, and prosperity of nations."
