On May 21, the Treasury Department announced an agreement between the U.S. and Saudi Arabia to establish a Terrorist Financing Targeting Center as a collaborative effort between the two countries and several Persian Gulf nations, including Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. The new center is intended to (i) enhance information-sharing regarding terrorist financial networks; (ii) coordinate action on sanctions; and (iii) facilitate technical assistance for participating countries that need support developing their counter terrorist programs and provide best practices guidance “in line with Financial Action Task Force standards.” The participants intend to implement the outlined activities immediately.