US targets Hizballah financial network’s abuse of business sector

Written by The Frontier Post

F.P. Report
WASHINGTON DC: On Thursday, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Ahmad Jalal Reda Abdallah, a Lebanese businessman and Hizballah financial facilitator, as well as five of his associates and eight of his companies in Lebanon and Iraq. This action illuminates Hizballah’s modus operandi of using the cover of seemingly legitimate businesses to generate revenue and leverage commercial investments across a multitude of sectors to secretly fund Hizballah and its terrorist activities. It also demonstrates how Hizbal-lah goes to great lengths to establish companies with opaque ownership structure in order to conceal their in-volvement in these businesses, and also their in-volvement in criminal ac-tivities such as altering of medication labels for black market pharmaceutical sales.
“Hizballah has built a web of businesses to hide its activities and generate funds for its destabilizing activities, all at the expense of accountability and public safety in Lebanon and the region,” said Under Secr-etary of the Treasury for T-errorism and Financial Inte-lligence Brian E. Nelson.
The designation of this network demonstrates the U.S. government’s commitment to protect Lebanon’s private sector and financial system from Hizballah’s abuse by targeting and exposing the group’s financial activities.”
OFAC is designating Ahmad Jalal Reda Abdallah and his network of associates and companies under Executive Order (E.O.) 13224, as amended, which targets terrorists, leaders, and other officials of terrorist groups, and those providing support to acts of terrorism or persons blocked under E.O 13224. The United States designated Hizballah as a Foreign Terrorist Organization (FTO) on October 8, 1997, and as a Specially Designated Global Terrorist (SDGT) on October 31, 2001.

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