The United States imposed sanctions on two exchange companies and three affiliated individuals in Syria for their alleged roles in the facilitation of Damascus', Hezbollah's, and Islamic Revolutionary Guard Corps-Qods Force's (IRGC-QF) access to the international financial system in violation the existing sanctions regime, the Treasury's Office of Foreign Assets Control (OFAC) said on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 30th May, 2023) The United States imposed sanctions on two exchange companies and three affiliated individuals in Syria for their alleged roles in the facilitation of Damascus', Hezbollah's, and Islamic Revolutionary Guard Corps-Qods Force's (IRGC-QF) access to the international financial system in violation the existing sanctions regime, the Treasury's Office of Foreign Assets Control (OFAC) said on Tuesday.
"Today, ... (OFAC) designated two Syrian money service businesses that have secretly helped the Syrian regime under Bashar al-Assad and its Hizballah and Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) allies maintain access to the international financial system in violation of international sanctions. OFAC is also designating three brothers who own and operate Al-Fadel Exchange," OFAC said in a press release.
Since 2021, both Damascus-based Al-Adham Exchange Company and Al-Fadel Exchange have allegedly moved millions of dollars to accounts at the Central Bank of Syria and in this way benefited the Syrian government and President Bashar al-Assad, the release said.
Additionally, OFAC believes that the Syrian government and Hezbollah used Al-Fadel Exchange and Al-Adham Exchange to transfer hard currency collected in cities outside of Syria to the Central Bank of Syria.
The new sanctions also affected three Balwi brothers, Fadel Ma'ruf, Mut'i Ma'ruf, Muhammad Ma'ruf, who, according to OFAC, have owned and managed Al-Fadel Exchange and were the only individuals authorized by the Central Bank of Syria to work on the behalf of Hezbollah, the release noted.
