Addressing United Nations Security Council (UNSC) on 17th December, FATF President Je-Yoon Shin stated: "All jurisdictions must now focus urgently on effective implementation of the FATF standards; and not just pass laws and regulations."

Mr. Shin noted that FATF has reviewed the implementation of CFT measures in 196 jurisdictions during the last six months. Almost all have criminalized terrorist financing and can apply targeted financial sanctions. In the last two months alone, half of those where we found serious problems have tabled urgent laws to address them.

He said: "But this is not enough, only 33 jurisdictions have secured convictions for terrorist financing. And most jurisdictions implement UN asset freezes too slowly, with delays of between 2 days and 1 month."

He added: "We publicly name those that fail to take action. This warns other jurisdictions and banks of the risks and deters foreign investment."

FATF has so far put over 80 jurisdictions through this process, and publicly identified 58 of them. Of these 58, 43 have since made the necessary reforms. FTAF's aim is to protect the integrity of the financial system and the broader economy. It is determined to make sure there are no safe havens for terrorist financing.

As put by Mr. Shin, "Terrorism needs money. ISIL operates as a state and provides all the services a state is expected to provide. Therefore ISIL needs more money than other terrorist groups. Money is its biggest vulnerability. Preventing and disrupting financial flows must be at the centre of any successful strategy to defeat ISIL. Disrupting the finances of ISIL damages its ability to recruit fighters."

He pointed out that ISIL needs access to the financial system to move money and pay for supplies. ISIL misuses charities and money remitters and needs to physically move large quantities of cash.