U.S.Â and Saudi Arabia have entered into anÂ agreement to establish a multinational alliance that will identify and implement measures againstÂ terrorist financial networks.
TheÂ Terrorist Financing Targeting Center will promote collaborationÂ 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 embassyÂ said Tuesday.
Treasury Secretary Steven Mnuchin said the departmentÂ will contribute theÂ 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 aimsÂ to address terror threats such as theÂ Islamic State militant group, al Qaeda, Hizballah, Lashkar-e-Tayyiba, the Taliban and the Haqqani network.
TFTC will also work to identify, track and exchangeÂ information onÂ terrorist financial networks; coordinate actions; andÂ offer support to regional partnersÂ that need to boostÂ their capacity to defeatÂ terrorist financing.
The participating nations have a long-term goal of bringing experts together in Riyadh, Saudi Arabia.