Treasury Department Issues New Sanctions, Launches Terrorist Financing Targeting Center in Middle East

Financial Crimes Sanctions Department of Treasury Combating the Financing of Terrorism

On October 25, Treasury Secretary Steven Mnuchin spoke before the Future Investment Initiative Conference about the newly established Terrorist Financing Targeting Center initiative (Center), co-chaired by the U.S. and Saudi Arabia. Mnuchin praised the new 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. The Center is a result of a strategic agreement, signed in May, between 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.

Additionally, the Treasury Department also announced the imposition of sanctions against “nine individuals and entities that finance and facilitate terrorism” and aid other transnational threats in the Middle East.