OFAC Sanctions Network for Sanctions Evasion Working for Hezbollah Financier
The Office of Foreign Assets Control this week sanctioned 52 people and entities working as part of a “vast” international money laundering and sanctions evasion network for Hezbollah financier and Specially Designated Global Terrorist Nazem Said Ahmad (see 1912130023). The designations target companies in Lebanon, the United Arab Emirates, South Africa, Angola, Côte d’Ivoire, the Democratic Republic of the Congo, Belgium, the U.K. and Hong Kong for helping Ahman avoid U.S. restrictions and finance his “luxurious lifestyle,” OFAC said.
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The sanctioned people use shell companies and “fraudulent schemes to disguise Nazem Said Ahmad’s role in financial transactions,” said Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence. “Luxury good market participants should be attentive to these potential tactics and schemes, which allow terrorist financiers, money launderers, and sanctions evaders to launder illicit proceeds through the purchase and consignment of luxury goods.”
The designations target a “complex network of family members, business associates, and companies,” including Firas Ahmad, Ahmad’s son and the director of South Africa-based diamond company Mega Gems; and Rima Baker, Ahmad’s wife and the majority shareholder of Beirut-based Park Ventures SAL. OFAC also sanctioned Ahmad’s accountants, various business supporters and others.