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.
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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.