OFAC Sanctions Financial Networks Supporting Terrorism
The Office of Foreign Assets Control on Sept. 17 sanctioned a network of Lebanon- and Kuwait-based financial conduits as well as a network of financial facilities that support Hezbollah and Iran’s Islamic Revolutionary Guard Corps-Qods Force. The networks have helped launder tens of millions of dollars on behalf of terrorist groups and conduct currency exchange operations and trades in gold and electronics” for both Hezbollah and IRGC-QF, OFAC said.
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
The sanctions target people and entities throughout the Middle East and Asia, including Chinese nationals Yan Su Xuan and Song Jing, who helped establish bank accounts for China-based businessman Morteza Minaye Hashemi. Hashemi and others have helped to launder money for both groups. OFAC sanctioned 13 people and eight entities located in China, the United Arab Emirates, Iran, Lebanon and Kuwait.