Lebanon Financial Crime Enforcement Agencies Target Hizballah-Linked Businesmen and Travel Company
US Treasury Designates Hizballah-Linked Individuals and Entity for Terrorism Financing
The Lebanese economy may be facing an unprecedented crisis, but financial crime enforcement agencies in Lebanon are taking a strong stance against corruption and terrorism financing. The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated three Hizballah-linked businessmen and their travel company, Dar Al Salam for Travel & Tourism, for their alleged role in raising funds for the terrorist group.
Designated Individuals
The individuals designated by OFAC are:
- Adel Diab, a member of Hizballah who jointly owns assets with an assistant to the group’s fundraiser
- Ali Mohamad Daoun, a high-ranking official within Hizballah
- Jihad Salem Alame, also a member of Hizballah
These individuals have been accused of using their businesses to raise funds for Hizballah and facilitate its activities in Lebanon.
Designated Entity
The designated entity is Dar Al Salam for Travel & Tourism, a travel agency owned and operated by Diab, Daoun, and Alame. The company is accused of providing material support to Hizballah.
Statement from Under Secretary Brian E. Nelson
“This action demonstrates our commitment to disrupting Hizballah’s attempts to exploit the global financial sector and evade sanctions,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Hizballah claims it supports the Lebanese people, but instead, it profits from corrupt business ventures and backdoor political deals, amassing wealth that the Lebanese people never see.”
Implications
The designations have significant implications for those involved in financial transactions with the individuals and entity named above:
- All property and interests in property of these persons must be blocked and reported to OFAC
- Engaging in certain transactions with them entails risk of secondary sanctions
Impact on Hizballah’s Financial Networks
The move is seen as a major blow to Hizballah’s financial networks in Lebanon and a significant step forward for financial crime enforcement agencies in the country.