US and Gulf Countries Meeting on Iran's 'Illegal Financial Activities'

On Wednesday, April 7, the US Treasury Department announced that a regional workshop was held in Riyadh with the participation of US officials and members of the Gulf Cooperation Council (GCC) regarding Iran's illegal financial activities and the threats posed by this country to the global financial system. The US Treasury stated that the workshop was organized by members of the Terrorist Financing Targeting Center (TFTC). The TFTC was established on May 21, 2017, during Donald Trump's visit to Saudi Arabia and has seven members: the US, Saudi Arabia, the UAE, Kuwait, Bahrain, Qatar, and Oman. Reports indicate that this workshop concluded on Tuesday. The US Treasury mentioned that a series of case studies related to Iran's illegal financial activities and evasion of sanctions were presented to the members of this center. The statement added that the countries present at this regional workshop expressed their actions and steps to disrupt Iran's destructive activities. According to the report, members of the TFTC also received expert opinions on compliance with and implementation of the standards set forth in UN Security Council resolutions and the Financial Action Task Force (FATF). The US Treasury stated that the focus of discussions at this regional workshop was on key efforts to combat the proliferation of weapons of mass destruction, the vulnerabilities of commercial enterprises, and the financial transparency of the private sector. Following the US withdrawal from the nuclear agreement with Iran, officials in the US have warned against any trade and cooperation with Iran. Brian Hook, the US Special Representative for Iran, warned last year that trade with the Islamic Republic of Iran could mean financing terrorism. Hook stated, 'When companies trade with the Iranian regime, they may be financing terrorism, perhaps on their own soil.' Meanwhile, discussions in Iran over the bills requested by the FATF for compliance with global financial standards have intensified in recent months. The FATF has given the Islamic Republic four opportunities to pass laws and comply with global standards to be removed from its blacklist.