The United Nations Security Council has unanimously adopted a resolution aimed at disrupting revenue the Islamic State gets from oil, ransom payments and other criminal activities.
Anyone supporting the group could face an asset freeze, travel ban or arms embargo.
It was adopted at the council's first ever meeting at finance ministers' level.
In the resolution, the 15-member body called for enhanced actions, from closing financial system loopholes to stopping the abuse of charitable causes - as well as updating the existing Islamic State in Syria and Iraq (ISIL) - also known as Da'esh - and Al-Qaida Sanctions List.
It stressed that existing resolutions getting states to ensure financial assets are not transferred to terrorists by persons within their territory "shall also apply to the payment of ransoms to individuals, groups, undertakings or entities on the ISIL [Da'esh] and Al-Qaida Sanctions List regardless of how or by whom the ransom is paid".
The resolution also called for increased international cooperation in sharing information, and closer collaboration with the private sector to identify suspect transactions.
The council also wants member states to promote enhanced vigilance within their jurisdiction to detect any "diversion of explosives and raw materials and components that can be used to manufacture improvised explosive devices or unconventional weapons, including chemical components, detonators, detonating cord, or poisons".
"More needs to be done"
"They (the terrorists) are agile and have been far too successful in attaining resources for their heinous acts," UN Secretary-General Ban Ki-moon told the council at the start of the debate.
"As Da'esh and other terrorist groups disseminate their hateful propaganda and ratchet up murderous attacks, we must join forces to prevent them from acquiring and deploying resources to do further harm".
He noted that progress has been made over the years in identifying and limiting various methods of terrorist financing, with member states ratifying the International Convention on the Suppression of the Financing of Terrorism and adopting legislation to criminalize terrorist financing and strengthen regulatory systems.
"Still, more needs to be done," Mr Ban added.
"They loot and sell precious cultural property, shamelessly profiting from the destruction of humanity's common heritage. Social media outreach is exploited by Da'esh, not just for radicalisation and recruiting, but also for fundraising".
"Other terrorist organizations around the world - from Boko Haram to Al-Shabaab to the Taliban - are following suit".
