Financial Crime World

US Designates Two Key Hizballah Financiers Operating in Guinea

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken a significant step to disrupt Hizballah’s business network in West Africa by designating two key financiers operating in Guinea. This move is part of the ongoing efforts to target the terrorist group’s international commercial activities and its global network of financiers, supporters, donors, and facilitators.

Designated Financiers

Ali Saade and Ibrahim Taher, both prominent Lebanese businessmen with direct connections to Hizballah, have been designated under Executive Order (E.O.) 13224, as amended. The designation follows the discovery that Saade initiates money transfers from Guinea to Hizballah, while Taher has been identified as one of the most prominent financial supporters of Hizballah in Guinea.

Saade’s Close Relationship with Designated Hizballah Supporter

Saade has a close relationship with designated Hizballah supporter Kassem Tajideen, who was designated by OFAC in 2009 for being an important financial contributor to Hizballah. Saade provided Tajideen with unrestricted access to corrupt members of the former Guinean administration and advised him on methods for making financial transfers to evade detection.

Taher’s Activities

Taher has used his status as an Honorary Consul of Lebanon to Cote d’Ivoire to travel in and out of Guinea with minimal scrutiny. He was also involved in illegal activities, including:

  • Sending US dollars collected at one of his commercial facilities to Conakry Airport
  • Bribing Guinean customs officials to allow their currency to pass

Disruption of Hizballah’s Financial Network

The designation of Saade and Taher comes as part of the Treasury’s efforts to target Hizballah’s international commercial activities and its global network of financiers. The action aims to disrupt Hizballah’s ability to generate revenue from commercial activities across the world to sponsor acts of terrorism.

Consequences of the Designation

As a result of today’s action:

  • All property and interests in property of Saade and Taher, as well as any entities that are owned 50 percent or more by them, must be blocked and reported to OFAC.
  • The Treasury is warning against engaging in certain transactions with the designated individuals, which may entail risk of secondary sanctions.