Lebanon Cash Exchanger Blacklisted for Hezbollah Crypto Pockets Scheme

• OFAC sanctions six entities primarily based in Liberia, India, Vietnam, Lebanon, and Kuwait.
• The sanctioned entities have been implicated in monetary transactions, together with cryptocurrencies for terrorists.
• Amongst these focused is Lebanon-based Syrian cash exchanger Tawfiq Muhammad Sa’id al-Legislation

The U.S. Division of the Treasury’s Workplace of International Property Management (OFAC) has introduced sanctions in opposition to six entities primarily based in Liberia, India, Vietnam, Lebanon, and Kuwait. 

Per the announcement, the sanctioned entities have been implicated in facilitating commodity shipments and monetary transactions, together with cryptocurrencies for the Islamic Revolutionary Guard Corps-Qods Pressure (IRGC-QF), the Houthis, and Hezbollah.

Amongst these focused is Lebanon-based Syrian cash exchanger Tawfiq Muhammad Sa’id al-Legislation. Particularly, the Treasury Division said that Sa’id al-Legislation supplied Hezbollah with digital wallets to obtain funds from IRGC-QF commodity gross sales and conduct cryptocurrency transfers. 

Sa’id al-Legislation can be accused of facilitating monetary transactions for sanctioned Hezbollah officers and offering monetary providers to Sa’id al-Jamal and his community.

Moreover, two Kuwait-based firms, Orchidia Regional for Common Buying and selling and Contracting Firm and Mass Com Group Common Buying and selling and Contracting Firm WLL, are implicated in transferring cash to help Sa’id al-Jamal’s community.

Notably, this newest motion marks the sixth spherical of sanctions in opposition to the community of Iran-based, IRGC-QF-backed Houthi monetary facilitator Sa’id al-Jamal since December 2023. Reacting to the event, Below Secretary of the Treasury for Terrorism and Monetary Intelligence Brian E. Nelson stated:

“Treasury stays resolute in our dedication to deploy our instruments in opposition to those that search to fund illicit actions. The US will proceed to take motion to disrupt the abuse of worldwide vitality markets to facilitate terrorist actions.” 

Moreover, the OFAC famous that the sanction underscores the continued efforts to disrupt the monetary networks supporting terrorist proxies such because the Houthis. Notably, the sanctions have been enacted underneath the counterterrorism authority of the U.S. Government Order, as amended. It targets people and entities materially helping, sponsoring, or offering monetary, materials, or technological help for these designated terrorist organizations.