Finance ministers of the United Nations Security Council have unanimously decided to choke all sources of funding of the Islamic State and Al-Qaeda militant groups. At their first-ever meeting on Thursday, the finance ministers urged the implementation of measures such as closing loopholes in financial systems, preventing the abuse of charitable causes, and updating the current IS and Al-Qaeda Sanctions List.

The 15-member body also resolved to improve international cooperation over sharing of information and to collaborate better with the private sector to identify suspicious transactions, reported PTI. It also wants to ensure enhanced vigilance to keep track of any diversion of raw materials or components that can be used to manufacture explosive devices or unconventional weapons.

American Treasury Secretary Jack Lew, who chaired the session, said, “Unlike other terror groups, IS derives a relatively small share of its funding from donors abroad. Instead, IS generates wealth from economic activity and resources within territory under its control.”