The move comes as a response to the Houthi forces’ continued attacks on international shipping in the Red Sea and the Gulf of Aden…reports Asian Lite News
In a decisive move to counter the illicit flow of funds to Houthi forces and their destabilizing activities, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated one individual and three entities. These entities, including the head of the Currency Exchangers Association in Sana’a, are accused of facilitating the transfer of millions of dollars in Iranian financial assistance to Houthi forces.
The move comes as a response to the Houthi forces’ continued attacks on international shipping in the Red Sea and the Gulf of Aden, violating international law and disrupting the free flow of commerce in the region.
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson emphasized, “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.” Nelson added that the United States, along with allies and partners, will continue targeting facilitation networks supporting the Houthis and their backers in Iran.
The designated individuals and entities, linked to U.S.-designated Sa’id al-Jamal, affiliated with Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), have played a key role in enabling the transfer of funds to Houthi-aligned financial firms in Yemen, according to Treasury Department.
Among the entities named is Türkiye-based Al Aman Kargo Ithalat Ihracat Ve Nakliyat Limited Sirketi (Al Aman), identified as a waypoint for money sent by the Houthis’ Iranian financiers. This money is channelled to Houthi-affiliated accounts in Yemen through exchange houses like Nabco Money Exchange and Remittance Co. and AlAlamiyah Express Company for Exchange and Remittance.
Nabco, led by Nabil Ali Ahmed Al-Hadha, has been a financial intermediary transferring funds to and from Yemen and has received millions of dollars from IRGC-QF on behalf of Sa’id al-Jamal’s network. Al Rawda Exchange and Money Transfers Company, operated by the Houthis, has played a crucial role in converting these funds into Yemeni rials to conceal the operation.
Sa’id al-Jamal, previously designated in June 2021, has worked with Iranian officials to move money into accounts based at Al Rawda. The exchange houses involved, including Alalamiyah and Al-Hadha Exchange Co., were previously designated in February 2022.
As a consequence of this action, all property and interests of the designated individuals and entities within the U.S. or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Financial institutions engaging in transactions with the sanctioned entities may expose themselves to sanctions or enforcement actions.
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