Financial Crimes

On May 21, the Treasury Department announced that the U.S. and Saudi Arabia would serve as co-chairs of the newly-established Terrorist Financing Targeting Center in a cooperative effort to address the changing landscape of terrorism and its financing. Pursuant to this new initiative—created at the behest of a Memorandum of Understanding signed earlier this year by Saudi Arabia, the United Arab Emirates, the State of Kuwait, the Sultanate of Oman, the Kingdom of Bahrain, the State of Qatar, and the U.S.—Treasury announced on October 25, the imposition of sanctions against “nine individuals and entities that finance and facilitate terrorism” and aid other transnational threats in the Middle East.

Speaking before the Future Investment Initiative Conference, Treasury Department Secretary Mnuchin praised the new Terrorist Financing Targeting Center, stating, “The creation of this Center is a major step forward in our ability to disrupt the finances and operations of terrorist organizations” and calling the Center “a catalyst for additional multilateral actions against terrorist financiers.”