05 March 2002

O'Neill Thanks Kuwaitis For Efforts Against Terrorist Assets

U.S Treasury Secretary Paul O'Neill thanked the government of Kuwait and representatives of Kuwaiti commercial and national banks for their participation in the effort to freeze and disrupt assets used to finance terrorism.

Speaking in Kuwait City March 5, O'Neill said that freezing the assets of terrorists is "an issue of paramount importance to the United States."

O'Neill also announced U.S. support for the rapid and effective enforcement of Kuwait's new anti-money laundering law by offering American training and technical assistance.

O'Neill, Kuwaiti banking representatives and officials from Sheikh Sabah's government also discussed Kuwait's efforts to better regulate the operations of charitable organizations, which "perform a vital and valued role in society," said O'Neill.

"Introducing greater transparency and accountability into the process of charitable financing will increase donor confidence, improve the delivery of assistance to the needy, and deny terrorists the opportunity to steal from widows and orphans," said O'Neill.

Following is a statement by Treasury Secretary Paul O'Neill:

During my brief visit to Kuwait, I had the opportunity to meet with His Excellency Shaykh Sabah, His Excellency Dr. Ibrahim, and the governor of the Central Bank, Shaykh Salem. I also spoke with representatives of all of the commercial banks operating in Kuwait, including the Kuwait Finance House. I would like to thank my Kuwaiti hosts for their warm hospitality, and for their cooperation in the financial war against terrorism.

I expressed our appreciation to the government of Kuwait for Kuwait's ongoing support for the campaign against terrorism. Given my responsibilities as Secretary of the Treasury, I am particularly grateful for Kuwait's participation in the international effort to disrupt the financing of terrorism. In my discussions, I explained that freezing the assets of terrorists is an issue of paramount importance to the United States. We look forward to continued cooperation between our nations. For example, the United States has offered training and technical assistance to support Kuwait's goal of rapid and effective enforcement of its new anti-money laundering law.

During our talks, we also discussed Kuwait's efforts to improve regulation of the operations of charitable organizations. Charitable organizations perform a vital and valued role in society. We seek to protect and enhance that role. To do so, it is essential to ensure that donations reach those in need. Introducing greater transparency and accountability into the process of charitable financing will increase donor confidence, improve the delivery of assistance to the needy, and deny terrorists the opportunity to steal from widows and orphans. These are goals we all share.

In closing, let me say how much I appreciated the opportunity to consult with my Kuwaiti friends on this critical topic.