“Unlike other terror groups, the ISIS derives a relatively small share of its funding from donors abroad.The resolution called for increased international cooperation in sharing information and closer collaboration with the private sector to identify suspect transactions.In the resolution adopted here on Thursday at the first-ever meeting of finance ministers, the 15-member body called for enhanced actions, from closing financial system loopholes to stopping the abuse of charitable causes, as well as updating the existing ISIS (Islamic State) and Al Qaeda Sanctions List.”Meanwhile, a New York pizza shop owner has admitted he tried to recruit people for the ISIS. Instead, the ISIS generates wealth from economic activity and resources within territory under its control.UN Secretary General Ban Ki-moon said, “As Daesh and other terrorist groups disseminate their hateful propaganda and ratchet up murderous attacks, we must join forces to prevent them from acquiring and deploying resources to do further harm.

He stressed that while the resolution is a critical step, the real test will be determined by the actions nations take individually after its adoption.The UN Security Council has unanimously adopted a resolution to cut off all sources of funding to the ISIS and Al Qaeda with finance ministers from the member nations vowing to ramp up sanctions against the terror groups.Elsewhere in Turkey, 11 more suspected members of the ISIS were detained on suspicion of planning an attack on the US consulate in Istanbul.The council also called on member states to promote enhanced vigilance by persons within their jurisdiction to detect any diversion of explosives and raw materials and components that can be used to manufacture improvised explosive devices or unconventional weapons, including chemical components, detonators, detonating cord, or poisons.

Mr Lew told the council that the ISIS is a challenging financial target.At the session presided over by American treasury secretary Jack ratchet ring spanner Lew under US’ monthly presidency, the council stressed that already existing resolutions mandating nations to ensure that financial assets are not transferred to terrorists by persons within their territory “shall also apply to the payment of ransoms to individuals, groups, undertakings or entities on the ISIS and Al Qaeda Sanctions List regardless of how or by whom the ransom is paid”..“ISIS’ financing has evolved from seizing territory and looting bank vaults to leveraging more renewable revenue streams: so far, ISIS has reaped an estimated 0 million from black market oil and millions more from people it brutalises and extorts,” Mr Lew said.Mufid Elfgeeh pleaded guilty in federal court today to attempting to provide material support to a terrorist organisation