المملكة: “Targeting terrorist financing” .. a prominent Saudi efforts in facing the crime of terrorism locally and globally

The Kingdom of Saudi Arabia contributes continuously to the efforts of the “Terrorist Financing Targeting Center”, which was launched by its headquarters in the city of Riyadh on October 25, 2017, and its construction comes within the firm, continuous steps and effective and leading efforts that the Kingdom is going to in the face of the crime of terrorism and its financing locally and internationally.
These efforts are complementary to exchange information and operational cooperation in a bilateral manner between the participating countries, and to identify, track and exchange information related to terrorist financing networks and other activities of common concern, including the relevant threats issued by terrorist organizations.

Strengthening cooperation between 7 countries

The terrorist financing targeting center that was established in Riyadh on May 21, 2017 is a multilateral entity to strengthen cooperation between 7 countries, which includes alongside the Kingdom of Saudi Arabia, the United Arab Emirates, the Kingdom of Bahrain, the Sultanate of Oman, the State of Qatar, the State of Kuwait, and the United States of America, to disrupt terrorist financing networks, relevant activities and common concern.
The center aims to facilitate coordination, exchange of information and capacity building, to target terrorist financing networks and other activities of common concern that threaten national security among member states, and to benefit from the expertise available to the participating countries to target terrorist financing networks.

As well as identifying regional partners, and working to provide them with the capabilities they need to combat terrorist financing within their borders.

Increase the level of cooperation and coordination

In an effort by the Kingdom of Saudi Arabia to increase the level of cooperation, coordination and joint understanding to disrupt the financing of terrorism, the “Terrorist financing targeting center” was established based on a memorandum of understanding on combating terrorist financing, signed between the Gulf Cooperation Council countries and the United States of America, and led to more measures in this regard according to the principle of joint benefit.

The center works to coordinate procedures, such as the common determination of penalties or other measures against terrorists, dismantling their financing networks, and providing specialized support to participants who need help in capacity -building, to counter the threats of terrorist financing, including the establishment of workshops on best practices in line with the criteria of the financial work group.

The Kingdom of Saudi Arabia, represented (headed by state security), and the United States of America, represented by (the US Treasury), shares the presidency of the center, and the membership of (the United Arab Emirates, the Kingdom of Bahrain, the Sultanate of Oman, the State of Qatar, and the State of Kuwait).

Quarterly meetings

The center has an executive committee whose meetings are held quarterly, working to determine the strategic direction of the three work paths (classifications, information sharing, capacity building), and facilitating and coordinating joint counter procedures.

Since the establishment of the center, the Kingdom of Saudi Arabia and the member states have made 7 rounds of coordinated classifications between them, which included the classification of 97 individuals and entity linked to various terrorist organizations.

In order to build the capabilities of the center, the Kingdom of Saudi Arabia hosted and contributed in partnership with member states to hold 23 workshops, in line with the decisions of the United Nations Security Council “UNSCRS” for combating and financing terrorism, and the criteria of the financial work group (FATIS) for combating money laundering, terrorist financing and the spread of arms.
In addition to holding 6 discussion sessions that dealt with emerging threats, as well as contributing and participating in the initiative of the center for the first stage, and the second to train moderate experience in the requirements and measures to combat terrorist financing.

Expanding the level of knowledge of risks

In order to enhance the “Capacity Building” program in order to achieve the expansion of the level of knowledge of risks and developments, several member states participated in: (law enforcement authorities, supervisory authorities on financial institutions, professions and specific non -financial work, judicial and judicial authorities, and bodies concerned with non -profit organizations).
In addition to the participation of international organizations that included: the analytical support and monitoring of the penalties for the United Nations Security Council for the terrorist organizations “ISIS and Al Qaeda.

Since its inception, the “Terrorism Financing Center” has led to an increase in the level of regional understanding regarding the risks of terrorist financing and the emerging risks, enhancing the level of partnership and coordination between the countries of the Cooperation Council for the Arab States of the Gulf and the United States of America, targeting names affiliated with terrorist organizations listed by member states at the national level, contributing to exchanging experiences, and raising the level of qualification and training.

The Kingdom’s leadership in combating terrorism

It also comes as an extension of the leadership of the Kingdom of Saudi Arabia in the field of combating and financing terrorism, through its commitment to the decisions of the Security Council, and the international agreements related to combating and financing terrorism, and applying it to the criteria issued by the Financial Working Group (FAF).
In addition to contributing through its membership in the relevant organizations and platforms in providing technical assistance or building technical capabilities for student countries, and their technical and financial contributions to international and regional initiatives and programs, and hosted by many conferences, workshops and relevant meetings, and to complete the Kingdom’s role in enhancing the level of international cooperation and building partnerships, and in order to combat the crime of financing terrorism.
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