(VOVworld) – Operations against the self-proclaimed Islamic State and other terrorist and extremist groups have intensified and enlisted more countries. Besides airstrikes and ground attacks, blocking IS’s multiple revenue streams is an important part of the strategy to eliminate IS.

US-led coalition airstrikes target Islamic State oil facilities in Syria (photo: AP)

Weapons sales, human trafficking, drug trafficking, holding hostages for ransom, selling petroleum produced in occupied areas, and illegal withdrawals of money from bank accounts are major capital sources for IS. The IS budget this year is estimated to be 2 billion USD. Its financial capability has enabled IS to hire fighters, control large areas, and confront world powers.

Brutality and strong financial capability

Bombings, attacks, hostage taking, and mass executions have seriously shaken up global security. IS earns estimated daily revenues of 1 to 2 million dollars from selling oil it produces in Iraq and Syria. Other sources of income are selling archaeological artefacts on the black market, kidnapping for ransom, racketeering, levying taxes and tariffs, and seizing private property.  

IT has increased its influence by recruiting new jihadists in western countries. The attacks in Paris on November 13 revealed that IS is training fighters, making plans, and acquiring large amounts of weapons and money.

International community has been seeking to block IS’s financial resources. Since the attack on the US World Trade Center on September 11, 2001, the international community has taken several steps, including resolutions by the UN Security Council, sharing of financial information, and improving banking security. But the activities have lacked a collaborative mechanism.  

Building a global strategy for keeping money out of the hands of terrorists

World leaders have tried to block revenue streams for terrorism by sharing their intelligence and freezing the accounts of suspected terrorists. The US has intensified airstrikes on oil and gas facilities, the main income source of IS. Last month, airstrikes by the US-led coalition destroyed 400 oil tankers and 3 IS-controlled oil refineries in Syria. The EU has planned to investigate anonymous transactions and virtual money. Russian President Vladimir Putin has signed a decree to form a committee in charge of blocking terrorist financial resources. The Committee can ask the central Procuracy Office, the central bank, and local administrations to submit any information relating to suspected terrorism.