September 19, 2021

OFAC designates persons and entities for providing financial support to Hizballah and IRGC-QF

On September 17, 2021, the US Department of the Treasury’s Office of Foreign Assets Control has designated financial facilitators, conduits and front companies that are part of networks that routinely fund and support Hizballah and Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).  According to OFAC, these networks are responsible for laundering tens of millions of dollars through the international financial system for the benefit of Hizballah and the IRGC-QF, two groups that use their revenues to fund terrorist activities and perpetuate a state of instability in Lebanon.  Hizballah has been designated pursuant to EO 13224 since 2001, and the IRGC-QF was designated in 2007 pursuant to EO 13224, as amended, for supporting numerous terrorist organizations.  

OFAC designated a total of 13 people pursuant to the counterterrorism authority Executive Order 13224, as amended, for acting on behalf of Hizballah or the IRGC-QF or providing financial or other material support to Hizballah, the IRGC-QF, or one its sanctioned members.  In addition, 8 entities were designated pursuant to 13224, as amended, for being owned or controlled by a newly sanctioned person.

As a result of these designations, all property and property interests subject to U.S. jurisdiction of the sanctioned persons or entities is blocked and transactions by U.S. persons with these individuals and entities are generally prohibited; this includes any entity owned 50 percent or more by a blocked individual.  

Department of Treasury Press Release