The Gulf Cooperation Council (GCC) and the US have signed a  memorandum of understanding (MoU) to establish a centre for combating terrorism financing.

The MoU was exchanged in the presence of Saudi Arabia's King Salman bin Abdulaziz Al Saud, leaders and heads of delegations of the GCC and US President Donald Trump, said a Saudi Press Agency report.

The MoU was signed by Saudi Crown Prince Mohammed bin Naif bin Abdulaziz on behalf of the GCC, while the American side was represented by US Secretary of State Rex Tillerson.