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Sunday, 14 October, 2001, 04:42 GMT 05:42 UK
Gulf states extend assets freeze
The GCC is made up of the Muslim world's richest states
Saudi Arabia and five other Gulf countries have agreed to freeze the assets of 39 further groups and individuals suspected of having terrorist links.

The oil-rich Gulf Co-operation Council (GCC), is complying with the United States in attempting to cut off the funds of terrorist organisations.

Finance ministers had already agreed to freeze the assets of 27 individuals and groups blacklisted by the United States.

Osama Bin Laden
US suspects Gulf businessmen are backing Bin Laden
Now a further 39 names listed by Washington will be circulated across the Gulf states.

The GCC is an economic, political and military alliance which also includes Kuwait, the United Arab Emirates, Bahrain, Oman and Qatar.

Washington believes that wealthy Gulf businessmen are bankrolling Osama bin Laden, the man suspected of ordering 11 September attacks on the US.

US President George W Bush had warned that if institutions or countries refused to freeze assets and share information, they would be prevented from doing any business with US individuals or companies.

The GCC spent two days in talks agreeing to comply with the global crackdown on terrorists means of money laundering.

The GCC is also attempting to integrate its economies in a bid to offset the global slowdown.

It is working towards launching a unified currency by 2010, with the US dollar as the common denominator.

See also:

04 Oct 01 | Europe
EU to freeze terror assets
28 Sep 01 | Business
Net closes on terror cash
24 Sep 01 | Americas
Bush calls halt to terror funding
24 Sep 01 | Business
Will Bush's asset freeze work?
23 Sep 01 | Middle East
Gulf states back US
19 Sep 01 | Business
Following the money trail
18 Sep 01 | Business
Bin Laden 'share gains' probe
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