In an address at Special Session of the United Nations Security Council meeting of Finance Ministers the president of the FATF, Je-Yoon Shin, stressed the importance of urgent action to implement FATF’s measures to counter terrorist financing and help defeat ISIL.
Shin highlighted that terrorism needs money and since ISIL operates as a state and provides all the services a state is expected to provide, it needs more money than other terrorist groups. Therefore, he concluded, money is its biggest vulnerability.
He urged ever closer collaboration and sharing of information to help identify and share red flags, so that the private sector can detect and report suspicious activity, and asked for a strong mandate from the Security Council to carry out the work of the FATF
The full address is available here.