Beginning his tour of Gulf nations, US Treasury Secretary, Paul O'Neill this week visted Bahrain, which he praised for its efforts in combating international money laundering and terrorist financing.
In a meeting with Bahrain's Finance Minister, Abdulla Hassan Saif, the Treasury Secretary welcomed the nation's enactment of anti-money laundering legislation in compliance with FATF guidelines, and commended Bahrain's efforts to promote a strong banking sector and the use of international accounting standards for Islamic institutions.
In a statement released earlier this week, Mr O'Neill commented that: 'Bahrain's reaffirmation of its commitment to block terrorist accounts has been particularly important, and the US welcomes continued close cooperation in the future.'
An invitation was extended for personnel from the newly created Financial Intelligence Unit in Bahrain to visit the corresponding body in the United States in order to share information and strategies.
The Treasury Secretary's tour of the Gulf will also take him to Saudi Arabia, the United Arab Emirates, and Kuwait, according to reports.
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