U.S. and Saudi Arabia have entered into an agreement to establish a multinational alliance that will identify and implement measures against terrorist financial networks.
The Terrorist Financing Targeting Center will promote collaboration between U.S., Saudi Arabia and Gulf countries including Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates in efforts to counter terrorist networks, Saudi Arabia’s embassy said Tuesday.
Treasury Secretary Steven Mnuchin said the department will contribute the expertise of its office of terrorism and financial intelligence to TFTC.
The department will co-chair TFTC alongside Saudi Arabia’s ministry of interior.
The center aims to address terror threats such as the Islamic State militant group, al Qaeda, Hizballah, Lashkar-e-Tayyiba, the Taliban and the Haqqani network.
TFTC will also work to identify, track and exchange information on terrorist financial networks; coordinate actions; and offer support to regional partners that need to boost their capacity to defeat terrorist financing.
The participating nations have a long-term goal of bringing experts together in Riyadh, Saudi Arabia.