Such an organization must be empowered not only to monitor and prosecute those who purvey hate and advocate mayhem, but also to build consensus and become the global voice of Islam that speaks for all Muslims
It's about time. Islam MUST undergo a reformation if it is to survive. They need one voice with authority to speak for them and to condemn the fanatics. That will allow those who are trapped and powerless the weapon they need to reject them. The people of Afghanistan, the Palestinians, and many others have been at the mercy of those who claim "holy authority".
If this is not done, then the world has every reason to reject them.