OFAC sanctions vast network of Hezbollah-linked traders in precious gems, art, and luxury goods
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated what it describes as a vast international money laundering and sanctions evasion network of 52 individuals and entities in the UAE, Lebanon, South Africa, Angola, Côte d’Ivoire, the Democratic Republic of the Congo, Belgium, Hong Kong and the UK.
OFAC says the network facilitated the payment, shipment, and delivery of cash, diamonds, precious gems, art, and luxury goods for the benefit of Hezbollah financier, Nazem Said Ahmad, who was designated in December 2019 after OFAC said it had evidence of his material support to Hezbollah.
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