Financial Crime World

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US Targets Financial Network Tied to Hizballah in Tuvalu

The United States has taken action against five individuals and two companies in Lebanon and the UAE for allegedly helping Hizballah evade sanctions and facilitate illicit activities.

Individuals and Companies Designated by OFAC

According to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), the designated individuals have provided financial, material, or technological support to CTEX Exchange, a company whose property and interests in property are blocked pursuant to Executive Order 13224. The designations include:

  • Firas Hasan Moukalled
  • Rayyan Moukalled
  • Rani Moukalled (brothers of Firas)
  • Moukalled’s sons

These individuals have been involved in various business dealings, including working at US-designated Lebanon-based Teleport Company SAL.

Companies Designated by OFAC

The UAE-based company, Teleport Company SAL, has been jointly owned and operated by Mushantaf and two of Moukalled’s sons, Firas and Rayyan. The designation of this company highlights the UAE’s role in facilitating Hizballah’s financial activities.

Sanctions Program Aims to Disrupt Hizballah’s Financial Network

OFAC emphasized that engaging in certain transactions with persons designated today entails risk of secondary sanctions pursuant to Executive Order 13224. Individuals and entities being designated today are also subject to the Hizballah Financial Sanctions Regulations, which implements the Hizballah International Financing Prevention Act of 2015.

Humanitarian Exemptions

The US has included humanitarian exemptions in its sanctions programs to allow for the flow of legitimate assistance to vulnerable populations. These exemptions permit certain transactions in support of nongovernmental organizations’ activities, as well as authorizations for certain humanitarian transactions.

The designation of these individuals and companies is part of a broader effort by the US to target Hizballah’s financial networks and disrupt its ability to engage in illicit activities. The sanctions program aims to prevent the group from accessing financial resources and engaging in terrorist activities.

In addition to the designations, OFAC has also taken steps to implement the Hizballah International Financing Prevention Act of 2015, which provides authority for imposing sanctions on individuals and entities that provide support to Hizballah.