In the resolution adopted here yesterday at the first-ever meeting of finance ministers, the 15-member body called for enhanced actions, from closing financial system loopholes to stopping the abuse of charitable causes, as well as updating the existing ISIS and Al-Qaeda Sanctions List.

The resolution called for increased international cooperation in sharing information and closer collaboration with the private sector to identify suspect transactions.

The Council also called on Member States to promote enhanced vigilance by persons within their jurisdiction to detect any diversion of explosives and raw materials and components that can be used to manufacture improvised explosive devices or unconventional weapons, including chemical components, detonators, detonating cord, or poisons.

"ISIS' financing has evolved from seizing territory and looting bank vaults to leveraging more renewable revenue streams: so far, ISIS has reaped an estimated USD 500 million from black market oil and millions more from people it brutalises and extorts," Lew said.

He stressed that while the resolution is a critical step, the real test will be determined by the actions nations take individually after its adoption.

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