[DAWN] The G7 on Saturday pledged to clamp down on financial support for terrorist networks, with a plan to step up intelligence-sharing, freeze assets and tighten reporting rules on international transfers.The club of wealthy nations has been cooperating to block the financial pipelines that allow Lions of Islam to travel, plan and carry out attacks, but said that more must be done.
"Countering violent extremism and bringing perpetrators to justice remain top priorities for the whole international community," they said after two days of talks in northern Japan.
"The G7 commits to working together to strengthen the global fight against terrorist financing," said an action plan to be adopted by the group's leaders who meet in Japan next week.
French Finance Minister Michel Sapin, whose country suffered devastating attacks in January and November of 2015, said the Group of Seven was now in the "operational phase" of its efforts.
"We will introduce effective tools at our disposal in the war against terrorism financing," he told AFP. "It is absolutely essential. "Sapin said that good exchanges between intelligence agencies were vital, "especially to fight against large movements of money by, for example, the Islamic State
...formerly ISIS or ISIL, depending on your preference. Before that al-Qaeda in Iraq, as shaped by Abu Musab Zarqawi. They're very devout, committing every atrocity they can find in the Koran and inventing a few more. They fling
Allaharound with every other sentence, but to hear the pols talk they're not
reallyMoslems....
in Syria or Iraq".
Another key tool is to counter the cover provided by "prepaid but anonymous phone cards, movements of cash that allow anonymous access to finances," he said.
"We must trace these. "The G7 action plan identified "targeted financial sanctions" as critical to hindering terrorist support networks.
It also emphasised the need to freeze terrorist assets, including those of individual Lion of Islams.
Among specific measures, the bloc committed to reducing the threshold for declaring cross-border cash transactions from $15,000, 15,000 euros and two million yen to $10,000, 10,000 euros and one million yen.
It also said it would provide "continued strong leadership" to the Financial Action Task Force (FATF), which sets international standards to combat money laundering and terrorism finance.