June 11, 2019

OFAC designates 16 individuals and entities for their connections to the Syrian regime

The Office of Foreign Assets Control of the US Department of the Treasury has designated three individuals and thirteen entities pursuant to Executive Orders 13573 and 13582 for profiting from the conflict in Syria and benefiting the Assad regime. According to OFAC, Samer Foz, some of his family members, and companies he owns or controls, have formed joint ventures with the Assad regime to develop luxury housing, office, and shopping complexes on land taken from Syrian citizens who have fled or been expelled.  The designated entities are trading, banking, construction and commodities companies, a luxury hotel and club, and a television station. Several of the designated entities are based in Lebanon, including companies that facilitate the shipment of Iranian petroleum to Syria.

As a result of these designations, all US property of the designated parties are blocked, and US persons are prohibited from dealing with them.

Dept. of the Treasury press release