Janet Yellen Secretary of the Treasury | Twitter Website
Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the designation of five individuals for their involvement in aiding U.S.-designated Hizballah money exchanger Hassan Moukalled and his company, CTEX Exchange, in evading sanctions and facilitating illicit activities in support of Hizballah.
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson emphasized the significance of the actions taken, stating, "Hizballah continues to rely on seemingly legitimate business investments and key facilitators to generate revenue for the group’s operations, including its destabilizing attacks across Israel’s northern border." He added, "The United States remains focused on relentlessly pursuing Hizballah’s key revenue sources and constraining its ability to further destabilize the region."
The designated individuals, including two co-founders of CTEX Exchange and two of Moukalled’s sons, operate companies in Lebanon and the United Arab Emirates (UAE) that have also been designated. These actions are in accordance with Executive Order (E.O.) 13224, which targets terrorist groups, their supporters, and those who aid acts of terrorism.
Moukalled, identified as a financial advisor to Hizballah, works closely with senior Hizballah finance officials to represent the group’s business interests in the Middle East. The sanctions evasion network involving individuals such as Adnan Mahmoud Youssef, Mazen Hassan al-Zein, Andriyah Samir Mushantaf, and Bashir Ibrahim Mansur has been instrumental in supporting Moukalled's illicit activities.
The implications of the sanctions imposed today involve the blocking of all property and interests in property of the designated individuals within the United States or in the possession or control of U.S. persons. Transactions involving blocked persons are generally prohibited unless authorized by OFAC. Furthermore, engaging in transactions with designated persons may result in secondary sanctions.
OFAC's actions are part of efforts to disrupt Hizballah’s financial networks and prevent the flow of resources to malicious actors. The sanctions programs also include provisions for legitimate humanitarian support to vulnerable populations while targeting those involved in illicit activities.
For more information on the individuals and entities designated today, visit the U.S. Department of the Treasury’s website.
