US, six Gulf countries sign MoU to curb financing terror organisations

The United States and six Gulf countries on 23 May 2017 signed a Memorandum of Understanding (MoU) to curb financing terror organisations like Islamic State, Al-Qaeda, Hizbollah, Lashkar-e-Taiba, Taliban and the Haqqani Network.

The MoU was signed by the US and six members of the Gulf Cooperation Council (GCC) in Riyadh. These six Gulf Countries are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The MoU was signed during US President Donald Trump's historic visit to Saudi Arabia.

Highlights of the MoU
• Under the MoU, all seven countries together aim to establish Terrorist Financing Targeting Center (TFTC).
• The Terrorist Financing Targeting Centre will enhance existing tools and cooperation with partners in the Gulf to forcefully address evolving threats.
• This collaboration will also address a host of other transnational threats originating throughout the Middle East, including from Iran, the Assad regime and the situation in Yemen.
• These seven countries intend to identify, track and share information regarding terrorist financial networks and related activity of mutual concern.

The MoU is seen as a vital step against terrorist activities as it is believed that Gulf countries are a major source of funding major terrorist organisations across the globe including Lashkar-e-Taiba, which is responsible for major terror attacks in India.