Security Council adopts landmark resolution on countering terrorism financing

On 28 March 2019, the Security Council adopted resolution 2462 (2019), the first dedicated Council resolution devoted to preventing and suppressing terrorism financing. Its adoption reflects the Council’s continued determination to assist Member States to deprive terrorists of funds.

The Security Council unanimously adopts a resolution on preventing the financing of terrorism.

The resolution takes stock of the international standards and requirements developed in the context of previous Council resolutions, the International Convention for the Suppression of the Financing of Terrorism (1999), and the related Recommendations of the Financial Action Task Force (FATF). It also recalls the obligation of Member States to criminalize terrorism financing pursuant to Council resolution 1373 (2001) and requests States to establish serious criminal offences to prosecute the wilful provision or collection of funds for the benefit of terrorist organizations or individual terrorists for any purpose (as also required by the relevant FATF Recommendations) while also ensuring compliance with international humanitarian law, international human rights law and international refugee law.

The resolution brings a new focus on terrorism-financing risks, urging all States to assess their respective risks; identify those sectors and financial instruments that are most vulnerable to terrorism financing; and take the action necessary to remedy those risks, particularly by enhancing the traceability and transparency of financial transactions.

It is also notable for its recognition of the value of financial intelligence in counter-terrorism, including in detecting networks of terrorists and their financiers, and its recognition of the strategic role to be played by States’ financial intelligence units (FIUs) in this area.

States are encouraged to create public/private partnerships with financial institutions, the financial technology industry, and Internet and social media companies, in particular to monitor and address the evolution of terrorism-financing trends, sources and methods. The resolution noted the need to ensure effective domestic and international coordination, cooperation, and information-sharing.

Finally, the resolution requests CTED to strengthen its counter-financing of terrorism (CFT) assessment, including by conducting targeted and focused follow-up assessments and by issuing, in consultation with the Analytical Support and Sanctions Monitoring Team pursuant to resolutions 1526 (2004) and 2253 (2015), an annual thematic summary of gaps to assist in the design of tailored capacity-building programming by United Nations entities (including the United Nations Office of Counter-Terrorism (UNOCT) and the United Nations Office on Drugs and Crime (UNODC)) and other stakeholders.

2019-05-11T09:45:50+00:00 Thursday, 28 March 2019|International, regional, and subregional cooperation|