Riyadh: Established on May 21, 2017, the Terrorist Financing Targeting Center (TFTC) in Riyadh serves as a pivotal multilateral entity aimed at enhancing cooperation among seven nations, including Saudi Arabia, the United Arab Emirates, Bahrain, Oman, Qatar, Kuwait, and the United States. The center's primary objective is to disrupt terrorist financing networks and related activities that pose national security threats to member states.
According to Saudi Press Agency, the TFTC facilitates coordination, information sharing, and capacity building to counteract these networks. It leverages the existing expertise of participating nations to specifically target terrorist finance networks, thereby empowering regional partners to combat the financing of terrorism within their borders.
The TFTC was established following a memorandum of understanding signed among the Gulf Cooperation Council (GCC) states and the United States, emphasizing mutual benefit in combating terrorism financing. Saudi Arabia has played an active role in supporting TFTC initiatives, with the headquarters inaugurated on October 25, 2017.
The center complements existing bilateral relationships by focusing on identifying, tracking, and sharing information regarding terrorist financing networks. It coordinates actions such as joint sanctions designations and disruptions against terrorists and financial networks. Additionally, the TFTC provides expert support to participants needing assistance in capacity building to counter terrorist finance, including workshops aligned with Financial Action Task Force (FATF) standards.
Co-chaired by Saudi Arabia, represented by the Presidency of State Security, and the United States, represented by the Department of Treasury, the TFTC includes members from the UAE, Bahrain, Oman, Qatar, and Kuwait. The Executive Committee meets quarterly to define strategic directions on designations, information sharing, and capacity-building.
Since its inception, the TFTC has coordinated seven joint sanctions designations involving 97 individuals and entities affiliated with various terrorist organizations. Saudi Arabia and member states have also hosted and participated in 23 workshops in line with United Nations Security Council Resolutions (UNSCRs) and FATF standards, addressing emerging threats through brainstorming sessions and fellowship initiatives.
To enhance capacity-building and knowledge on emerging risks, member states engage delegates from various sectors, including law enforcement, financial institutions, judicial authorities, and international organizations. This collaboration has improved regional understanding of terrorist financing risks and boosted coordination between GCC member states and the US.
Saudi Arabia's commitment to combating terrorism and its financing is evident through its adherence to United Nations Security Council resolutions and agreements, its implementation of FATF standards, and its active participation in relevant organizations. The Kingdom provides technical assistance and contributions to international initiatives and hosts conferences, promoting international cooperation and partnerships against terrorist financing.
Researchers and those interested in the TFTC's work can visit their website at https://www.tftc-istehdaf.org.