Bahrain vows to back Iraq, Syria to counter IS

Bahrain on Sunday pledged support for Iraq in countering the Islamic State (IS) militant group, an al-Qaida offshoot that has killed hundreds of civilians and even beheaded Western journalists.
In his opening speech during a one-day Conference on Combating the Financing of Terrorism (CFT), which kicked off in the capital Manama, Bahrain's Minister of Foreign Affairs Shaikh Khalid bin Ahmed Al Khalifa said that Bahrain will back the Iraqi army and the Syrian opposition to fight back the "terrorists".
"The rapid advance of terrorist organizations in the region threatens us all. Since 9/11, we have all been aware of the threat these groups pose, but in recent years groups such as Daesh have come to control vast territories, subjecting the populations within them to brutal and vicious treatment," the minister said, using the Arabic acronym for the IS.
"They have also taken control of military equipment which aide them in their conquests, and have now developed means to support themselves financially," he said, adding that the IS' financial capabilities have grown considerably in recent months.
"In Iraq and Syria, Daesh have established protection rackets that exploit the local economy of the areas they control, they have also looted banks, and now control several oilfields the products of which they sell on the black market, providing them with a steady stream of self-generated income," he further said, accusing individuals and groups from other areas in the region of funding the IS.
The top diplomat called not financial institutions and charities in the region and elsewhere not to be used to funnel funds to terrorist groups, and to put an end to the militants' ability to smuggle goods and extort funds from commercial enterprises.
The meeting will discuss ways of strengthening the implementation of the UN Security Council resolutions related to the CFT and the Financial Action Task Force.
Delegates from the Gulf Cooperation Council and the Arab League, along those from the United States, the UK, France, Russia, China and other countries, are taking part in the conference.
A number of regional and international organizations are also represented, such as the United Nations, the International Monetary Fund, the European Commission.