Lebanon Money Exchanger Blacklisted for Hezbollah Crypto Wallet Scheme

• OFAC sanctions six entities based in Liberia, India, Vietnam, Lebanon, and Kuwait.
• The sanctioned entities have been implicated in financial transactions, including cryptocurrencies for terrorists.
• Among those targeted is Lebanon-based Syrian money exchanger Tawfiq Muhammad Sa’id al-Law

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against six entities based in Liberia, India, Vietnam, Lebanon, and Kuwait. 

Per the announcement , the sanctioned entities have been implicated in facilitating commodity shipments and financial transactions, including cryptocurrencies for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the Houthis, and Hezbollah.

Among those targeted is Lebanon-based Syrian money exchanger Tawfiq Muhammad Sa’id al-Law. In particular, the Treasury Department stated that Sa’id al-Law provided Hezbollah with digital wallets to receive funds from IRGC-QF commodity sales and conduct cryptocurrency transfers. 

Sa’id al-Law is also accused of facilitating financial transactions for sanctioned Hezbollah officials and providing financial services to Sa’id al-Jamal and his network.

Furthermore, two Kuwait-based companies, Orchidia Regional for General Trading and Contracting Company and Mass Com Group General Trading and Contracting Company WLL, are implicated in transferring money to support Sa’id al-Jamal’s network.

Notably, this latest action marks the sixth round of sanctions against the network of Iran-based, IRGC-QF-backed Houthi financial facilitator Sa’id al-Jamal since December 2023. Reacting to the development, Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said:

“Treasury remains resolute in our commitment to deploy our tools against those who seek to fund illicit activities. The United States will continue to take action to disrupt the abuse of international energy markets to facilitate terrorist activities.” 

Furthermore, the OFAC noted that the sanction underscores the ongoing efforts to disrupt the financial networks supporting terrorist proxies such as the Houthis. Notably, the sanctions were enacted under the counterterrorism authority of the U.S. Executive Order, as amended. It targets individuals and entities materially assisting, sponsoring, or providing financial, material, or technological support for these designated terrorist organizations.