Statement Regarding Efforts to Block Terrorist Financing
October 11, 2002
The Kingdom of Saudi Arabia is encouraged by the efforts that have been made to combat the financing of terrorism, believing that groups posing as charities in order to support and finance terrorist acts cannot be tolerated. Since September 11, Saudi Arabia has conducted a thorough review of its charitable organizations and has taken a number of specific measures:
All charitable groups have been audited to ensure that there are no links to suspect organizations.
New guidelines and regulations have been put in place to ensure that terrorist organizations cannot take advantage of these charitable groups in the future. These include financial control mechanisms.
Charitable activities that extend beyond Saudi Arabia must be reported to the Foreign Ministry.
Saudi Arabia has worked with the United States and other nations to block more than $70 million in suspect terrorist assets located in accounts throughout the world.
In cooperation with the U.S. Treasury Department, Saudi Arabia has blocked the accounts of the Somalia and Bosnia branches of the Saudi-based Al-Haramain Islamic Foundation. While the Saudi headquarters for this private charitable entity is dedicated to helping those in need, the U.S. and Saudi Arabia determined that the Somalia and Bosnia branches supported terrorist activities and terrorist organizations such as Al-Qaeda and AIAI (al-Itihaad al-Islamiya).