US imposes sanctions on Hezbollah-linked money laundering network
The new sanctions target individuals and companies across nine countries, including Lebanon, the United Arab Emirates and South Africa, tied to a Belgian-Lebanese art and diamond dealer.
WASHINGTON — The Biden administration announced sanctions Tuesday on what it described as an international money laundering and sanctions evasion network backing an art dealer suspected of funding Lebanese militant group Hezbollah.
The Treasury Department’s Office of Foreign Assets Control (OFAC) unveiled designations on 52 individuals and entities in Lebanon, the United Arab Emirates, South Africa, Angola, Côte d’Ivoire, the Democratic Republic of the Congo, Belgium, the United Kingdom and Hong Kong. According to OFAC, the network facilitated the payment, shipment and delivery of cash, diamonds, precious gems, art and luxury goods for the benefit of alleged Hezbollah financier Nazem Said Ahmad.
The State Department in 2019 added the Belgian-Lebanese dealer to its list of specially designated global terrorists for providing financial support to Iran-backed Hezbollah, in part through trade in so-called “blood diamonds.”
In a news release Tuesday, Treasury alleged that Ahmad has acquired more than $54 million in works of art since 2012 and often concealed his involvement with invoices indicating cover companies, family members or business associates as the owners. Those hit with sanctions include several of Ahmad’s family members and business associates who are accused of helping broker deals on behalf of Ahmad.
