©(AFP)
The US Treasury’s Office of Foreign Assets Control (OFAC) designated one individual and three entities responsible for facilitating the flow of Iranian financial assistance to Houthi forces and their destabilizing activities, mainly in the Red Sea.
Among those designated on Thursday is the head of the Currency Exchangers Association in Sana’a and three exchange houses in Yemen and Turkey. These individuals have facilitated the transfer of millions of dollars to the Houthis at the direction of US-designated Sa’id al-Jamal, who is affiliated with Iran’s Islamic Revolutionary Guard Corps al-Quds Force (IRGC-QF), according to the US treasury.
The Sa’id al-Jamal network relies on a web of exchange houses based throughout the Middle East to facilitate the movement of Iranian funds to Houthi-aligned financial firms in Yemen. These funds are ultimately transferred to the Houthis or affiliated businesses located throughout the region.
Turkey-based Al Aman Kargo Ithalat Ihracat Ve Nakliyat Limited Sirketi (Al Aman) serves as a waypoint for money sent by the Houthis’ Iranian financiers to the group’s businesses in Yemen. The IRGC-QF has deposited millions of dollars into Al Aman for onward shipment to Yemen, where the funds are ultimately deposited into the accounts of Nabco Money Exchange and Remittance Co. (Nabco), a successor company to the US-designated Al-Hadha Exchange Co. established after the US sanctioned the exchange house.
Nabco, led by Nabil Ali Ahmed al-Hadha (Nabil al-Hadha), the president of the Currency Exchangers Association in Houthi-controlled areas in Sanaa, serves as a financial intermediary to transfer funds to and from Yemen and has received millions of dollars in this fashion from the IRGC-QF on behalf of Sa’id al-Jamal’s network. Millions of dollars have similarly passed through Hadha’s accounts in Turkey, which are then deposited in Houthi-affiliated accounts in Yemen. These funds are then converted into Yemeni rials by Yemen-based, Houthi-run Al Rawda Exchange and Money Transfers Company (Al Rawda) in order to conceal this operation.
Sa’id al-Jamal has worked with Iranian officials to move money into accounts based at Al Rawda. Al Rawda itself has moved millions of dollars in Iranian financial support to Yemen via Turkey on behalf of the Sa’id al-Jamal network. These funds are transferred abroad to Houthi-affiliated companies. Al Rawda simultaneously serves as an intermediary to transfer funds from the Houthi-controlled Ministry of Defense to the group’s front line fighters.
Alalamiyah and Al-Hadha Exchange Co. were previously designated pursuant to E.O. 13224, as amended, on February 22 of 2023, for having materially assisted, sponsored or provided financial, material or technological support for, or goods or services to or in support of Sa’id al-Jamal.
“Today’s action underscores our resolve to restrict the illicit flow of funds to the Houthis, who continue to conduct dangerous attacks on international shipping and risk further destabilizing the region,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “The United States, along with our allies and partners, will continue to target the key facilitation networks that enable the destabilizing activities of the Houthis and their backers in Iran.”
As a result of today’s action, all property and interests in property of the designated individuals described above that are in the United States or in the possession or control of US individuals are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked individuals are also blocked.
Among those designated on Thursday is the head of the Currency Exchangers Association in Sana’a and three exchange houses in Yemen and Turkey. These individuals have facilitated the transfer of millions of dollars to the Houthis at the direction of US-designated Sa’id al-Jamal, who is affiliated with Iran’s Islamic Revolutionary Guard Corps al-Quds Force (IRGC-QF), according to the US treasury.
The Sa’id al-Jamal network relies on a web of exchange houses based throughout the Middle East to facilitate the movement of Iranian funds to Houthi-aligned financial firms in Yemen. These funds are ultimately transferred to the Houthis or affiliated businesses located throughout the region.
Turkey-based Al Aman Kargo Ithalat Ihracat Ve Nakliyat Limited Sirketi (Al Aman) serves as a waypoint for money sent by the Houthis’ Iranian financiers to the group’s businesses in Yemen. The IRGC-QF has deposited millions of dollars into Al Aman for onward shipment to Yemen, where the funds are ultimately deposited into the accounts of Nabco Money Exchange and Remittance Co. (Nabco), a successor company to the US-designated Al-Hadha Exchange Co. established after the US sanctioned the exchange house.
Nabco, led by Nabil Ali Ahmed al-Hadha (Nabil al-Hadha), the president of the Currency Exchangers Association in Houthi-controlled areas in Sanaa, serves as a financial intermediary to transfer funds to and from Yemen and has received millions of dollars in this fashion from the IRGC-QF on behalf of Sa’id al-Jamal’s network. Millions of dollars have similarly passed through Hadha’s accounts in Turkey, which are then deposited in Houthi-affiliated accounts in Yemen. These funds are then converted into Yemeni rials by Yemen-based, Houthi-run Al Rawda Exchange and Money Transfers Company (Al Rawda) in order to conceal this operation.
Sa’id al-Jamal has worked with Iranian officials to move money into accounts based at Al Rawda. Al Rawda itself has moved millions of dollars in Iranian financial support to Yemen via Turkey on behalf of the Sa’id al-Jamal network. These funds are transferred abroad to Houthi-affiliated companies. Al Rawda simultaneously serves as an intermediary to transfer funds from the Houthi-controlled Ministry of Defense to the group’s front line fighters.
Alalamiyah and Al-Hadha Exchange Co. were previously designated pursuant to E.O. 13224, as amended, on February 22 of 2023, for having materially assisted, sponsored or provided financial, material or technological support for, or goods or services to or in support of Sa’id al-Jamal.
“Today’s action underscores our resolve to restrict the illicit flow of funds to the Houthis, who continue to conduct dangerous attacks on international shipping and risk further destabilizing the region,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “The United States, along with our allies and partners, will continue to target the key facilitation networks that enable the destabilizing activities of the Houthis and their backers in Iran.”
As a result of today’s action, all property and interests in property of the designated individuals described above that are in the United States or in the possession or control of US individuals are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked individuals are also blocked.
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