The US Treasury Department will intensify its efforts to undermine the finances of the Islamic State of Iraq and the Levant (ISIL), including by working with regional partners, Undersecretary for Terrorism and Financial Intelligence David S. Cohen wrote on Wednesday in a blog post.
"Imposing targeted sanctions on ISIL officials and financiers to cut off external funding networks is an important element of our strategy to undermine ISIL's financial foundation," Cohen wrote.
"But we are mindful that ISIL, unlike many other terrorist groups, also relies on significant funding derived from sources internal to Syria and Iraq, including criminal conduct such as smuggling, extortion and robbery." It also has received millions of dollars through the despicable practice of ransoming hostages it has taken, and the group also benefits from sales of Iraqi and Syrian oil, Cohen wrote.
"Working with others in the US government, and with partners overseas, we are focused on disrupting each of these sources of ISIL financing," he wrote.
"Moreover, to impair ISIL's ability to use the funds it has already acquired, Treasury is committed to ensuring that ISIL is unable to access the international financial system," Cohen wrote.
In this regard, the Treasury will continue to work with regional partners to ensure that "they have the tools in place to combat terrorist financing, and that they use those tools effectively."