Attacking IS finances from three diplomatic fronts

(PARIS) - Since the Paris attacks last month, the international community has launched an offensive against the Islamic State's sources of terror financing, taking action on three diplomatic fronts: the G20, United Nations and European Union.

- G20 through FATF

Just two days after the November 13 attacks in Paris, the leaders of the Group of 20 top world economies met in Antalya in Turkey and asked the Financial Action Task Force (FATF) -- set up to tackle money laundering and tax evasion -- to work on drying up the flow of financing tied to terrorism.

The intergovernmental FATF group, with representatives from 34 countries and territories, is set to hold a special meeting in Paris this weekend to discuss terror financing and find ways to put pressure on countries which have not yet taken adequate measures.

It must submit a report to the February G20 finance ministers meeting. "We in the FATF have to think about a plan which will put pressure on countries that are not up to date and which do not yet have plans to do the minimum in the fight against terror financing," a diplomatic source said.

- UN Security Council -

The United States, which took over the rotating presidency of the UN Security Council this month, has called a meeting for December 17 to debate the ways to cut off the financing of the Islamic State jihadists.

US Treasury Secretary Jacob Lew has said that a united international front is crucial in order to isolate the IS group's global financial system and disrupt its financing,

For the first time, the finance ministers of the 15 countries on the Security Council have been invited to the New York meeting. France's Michel Sapin and his British and Spanish counterparts, George Osborne and Luis de Guindos, will attend, the French finance ministry told AFP.

"The idea is to adopt a resolution which would have the force of law in all UN member states, in order to tighten the net and detect the movement of money which is financing terrorist acts and take action to freeze the assets or seize them," the ministry said.

- European Union -

Michel Sapin also pushed the issue of terror financing before his fellow EU finance ministers at a meeting last Tuesday.

After the attacks that killed 130 people in its capital city, France is calling on Europe to move "from the phase of emotion to one of action" regarding terror financing.

France says some steps that could be taken include stricter regulation on using prepaid bank cards in Europe and for EU member states to speed up enacting the latest directives against money laundering.

EU finance ministers meet next in January.