Photographer: Haidar Mohammed Ali/AFP via Getty Images

U.K. Should Do More to Block Islamic State Funding, Report Says

  • Aistrikes have left extremist group ‘increasingly desperate’
  • Foreign Affairs Sub-committee says U.K. has power to do more

The U.K. needs to do more to block funding sources for Islamic State, Parliament’s Foreign Affairs Sub-committee said in a report on Tuesday.

A coalition including the U.K. and U.S. has been targeting IS cash reserves, as well as conducting airstrikes against oil infrastructure controlled by the group, which faces “an increasingly desperate struggle to raise money,” the committee said. Even so, Britain’s contribution is "under-powered compared to our potential,” it said.

QuickTake QuickTake Fighting Islamic State

The U.K. has seen fresh wrangling over its role in creating the current instability in Iraq, that allowed Islamic State to prosper, following the publication of the Chilcot report last week. The inquiry, which took seven years to complete, concluded that Britain’s involvement in the U.S.-led invasion of Iraq was a failure and was carried out before peaceful options had been exhausted.

“The U.K. government is in a position to help Iraq develop effective abilities of its own to counter ISIL finances," committee chair and MP John Baron said in the report, using an alternative name for Islamic State. “Much depends on blocking access to local and international money-making activities,” he said.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE