January 25, 2023

OFAC sanctions 3 individuals and 3 entities for efforts to facilitate financial activities for Hizballah

On January 24, 2023, the US Department of the Treasury’s Office of Foreign Assets Control designated 3 individuals and 3 entities associated with Lebanese money exchanger and economist Hassan Moukalled who served as a financial advisor to Hizballah and has played a key role in facilitating financial activities for the group.  The designations were imposed by OFAC pursuant to Executive Order 13224, as amended, which targets terrorists, terrorist organizations, terrorist group leaders and those who support terrorists or acts of terrorism. The designees include Hassan Moukalled and his sons, Rayyan and Rani, who have allegedly supported their father’s financial activities for Hizballah, as well as three entities owned or controlled by Hassan Moukalled, including the CTEX Exchange, which was established as a financial front company in Beirut on behalf of Hizballah with the help of Hizballah financial officials.

As a result of these designations, all property and interests in property of the designees within the United States or within the possession or control of a US person are blocked, and US persons are generally prohibited from engaging in transactions involving the designated persons.  In addition, entities owned 50 percent or more by a designated person or entity are also blocked, and foreign financial institutions that knowingly conduct significant transactions for the designated entities risk exposure to sanctions.

Department of Treasury Press Release