BBC News Online: World: Middle East

Gulf states extend assets freeze

The GCC is made up of the Muslim world's richest states

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.

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.