US Treasury Targets Individuals and Companies for Supporting Hizbollah Money Exchanger

US Treasury Department Targets Individuals and Companies for Supporting Hizbollah Money Exchanger

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken action against five individuals and two companies for their involvement in helping U.S.-designated Hizbollah money exchanger Hassan Moukalled evade sanctions and facilitate illicit activities in support of the terrorist organization.

Among those targeted are two co-founders of CTEX Exchange, a company established by Moukalled as a front for Hizbollah, as well as two of Moukalled’s sons who operate businesses in Lebanon and the UAE that are also being designated.

According to Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson, Hizbollah relies on seemingly legitimate business investments and key facilitators to generate revenue for its operations, including destabilizing attacks across Israel’s northern border. The United States is committed to disrupting Hizbollah’s revenue sources and limiting its ability to further destabilize the region.

Moukalled, a financial advisor to Hizbollah, has been accused of working closely with senior Hizbollah finance officials to represent the group’s business interests in the Middle East. The individuals targeted by OFAC, including employees of CTEX Exchange and business consultants for Moukalled, have been instrumental in facilitating Hizbollah’s illicit activities.

The companies targeted in the sanctions include The Crystal Group, a hospitality company owned by one of the individuals, and Teleport Company SAL, a Lebanon-based company jointly owned by others involved in Moukalled’s operations.

These designations are part of the US government’s ongoing efforts to disrupt Hizbollah’s financial networks and limit its ability to destabilize the region. The Iranian regime, a key supporter of Hizbollah, continues to provide significant financial, military, and political backing to the group, enabling it to maintain its military capabilities and pose a threat to regional stability.

The US Treasury’s actions against Hizbollah’s financial networks not only disrupt the group’s operations but also highlight the Iranian regime’s role in supporting terrorism.