A Lebanon-based economist and "so-called financial expert" is among the individuals being sanctioned by U.S. Department of the Treasury’s (Treasury) Office of Foreign Assets Control (OFAC) for providing financial services to a militant group.
Hassan Moukalled, a "Lebanese money exchanger and so-called financial expert," his sons Rayyan Moukalled and Rani Moukalled, and CTEX Exchange, a money service business owned by Hassan Moukalled were designated Jan. 24, OFAC announced at the time, for "facilitating financial activities for Hizballah."
"Hassan Moukalled, a Lebanon-based economist, has worked in close coordination with senior Hizballah financial officials to help Hizballah establish a presence in Lebanon’s financial system," OFAC states in the announcement. "He serves as a financial advisor to Hizballah and carries out business deals on behalf of the group throughout the region."
CTEX was established by Hassan Moukalled in 2021 as a financial front for Hizballah, also spelled Hezbollah, and quickly secured substantial market share in Lebanon's financial sector. Within a year, CTEX was allegedly collecting millions of U.S. dollars for Lebanon's Central Bank while also funneling U.S. funds to Hizballah. Hassan Moukalled, who lobbied for CTEX directly to the central bank governor, was paid hundreds of thousands of dollars in commissions a day, according to the announcement.
CTEX is alleged by Treasury to have siphoned millions out of the Lebanese economy in 2022, when the country was already facing a financial crisis.
Hassan Moukalled denied the allegations to the Associated Press, telling the AP that "his businesses are '100% above-board'."
U.S. State Department (DOS) spokesperson Ned Price announced the sanctions on Twitter, writing that the "action is a warning to those who would provide support to terrorists and put self-interest over Lebanon’s economic stability."
"Moukalled has presented himself as an advocate for Lebanon’s economic prosperity but instead has been helping Hizballah and himself to profit from Lebanon’s economic crisis," Price stated in the official DOS announcement of the sanctions.
"Despite Moukalled’s attempts to maintain a facade as a financial expert and economist, he is in fact an opportunistic businessman exploiting Lebanon’s suffering population to financially support the Hizballah terrorist organization, and even help it secure weapons," Price stated.
"Today’s action is another warning to those who provide support to terrorist groups that the United States will continue to pursue accountability for these actions."
