June 12, 2019

OFAC designates Iraqi entity and two individuals pursuant to global terrorist authority

The Office of Foreign Assets Control of the US Department of the Treasury has sanctioned South Wealth Resources Company and two Iraqi associates pursuant to Executive Order 13224, for facilitating access to the Iraqi financial system by the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), which was designated pursuant to Executive Order E.O. 13224  in 2007.  According to OFAC, South Wealth has trafficked hundreds of millions of dollars of weapons to IRGC-QF, generating profits for Abu Mahdi al-Muhandis, an OFAC-sanctioned advisor to the IRGC-QF commander.

As a result of the sanctions, US property belonging to South Wealth, Makki Kazim Abd Al-Hamid Al-Asadi or Mohammed Hussein Salih Al Hasani is blocked, and US persons are prohibited from engaging in transactions involving such property, and foreign financial institutions that knowingly facilitate transactions for any of the designated individuals could be subject to US sanctions.

Dept. of the Treasury press release