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United States : Saudi-Us, more joint economic efforts

June 21, 2014

A wide range of issues with the Saudi Finance Minister was discussed in a meeting in Jeddah during his official visit to the kingdom, which included joint economic efforts, issues related to the International Monetary Fund (IMF) and the World Bank as well as the US Foreign Account Tax Compliance Act (FATCA), a law under which foreign banks and investment houses are asked to provide information to US authorities on accounts held by US citizens and firms abroad, US Treasury Secretary Jacob Lew said to a group of Saudi businessmen in a meeting in the JCCI.

Adding that he discussed how we can further enhance our cooperation in fighting illicit financing because Saudi Arabia is one of the most important partners of the US in combating terrorist financing.

I had the opportunity to reinforce our commitment to working together to fight these threats and to highlight the strong cooperation we enjoy with the Saudi Ministry of Interior and the ministry's financial investigation unit in the Saudi Arabian Monetary Agency (SAMA) in achieving our mutual goals, Lew said.

Saudi Arabia has been at the forefront of confronting terrorist financing and money laundering by enacting and updating legislation. Earlier this year, Custodian of the Two Holy Mosques King Abdullah approved a law to combat terrorism and its financing

Dr. Lama AlSuliman JCCI board of directors member stated in her welcoming speech to US Treasury Secretary Jacob Lew, delegation and audience that the Saudi-Us private sectors economic cooperation is increasing annually and both sides are looking for more cooperation.

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Source: TendersInfo (India)

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