The U.S. and Saudi Arabia recently signed a historic agreement to establish the Terrorist Financing Targeting Center (TFTC) to confront and degrade threats emanating from terror financing worldwide. Leveraging existing cooperation pathways between the U.S. and member states of the Gulf Cooperation Council, the agreement uses creative tools to challenge extremists’ sources of funding and support, thereby paralyzing the growth of transnational terror groups.
“This new Terrorist Financing Targeting Center will enhance existing tools and cooperation with partners in the Gulf to forcefully address evolving threats. Treasury will offer the vast expertise of our Office of Terrorism and Financial Intelligence to this creative new effort. We will co-chair the TFTC with Saudi Arabia, and will work collaboratively with the countries of the Gulf Cooperation Council to counter these global terror networks,” declared Treasury Secretary Steven T. Mnuchin.
Building upon years of multilateral coordination in combating terror financing, this agreement represents a continuation of best practices that have led to the demonstrable erosion of terror organizations across the Middle East and surrounding regions. These activities include information sharing, engagement among the highest levels of stakeholders, and joint disruptive actions in terror hotspots.
Targets of counterterror operations include Daesh, Al-Qaeda, and the Taliban, among others. Member nations participating in the TFTC are Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, the United Arab Emirates, and the U.S., and the accord sets out a longer term objective of co-locating experts from member states in Riyadh, Saudi Arabia to form a knowledge hub.
By identifying and tracking the spread of terrorist financial networks, the group will coordinate campaigns to disrupt material flows while building the capacity of nations in need of assistance to counter terrorist finance threats. Regional workshops and expanded channels of communication between participating states will work towards ensuring that terrorists have no place to turn to finance their reprehensible crimes against humanity.
Read more about the Terrorist Financing Targeting Center (TFTC) here.