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Suspected Hizballah financier sanctioned under counter-terrorism regulations

Money LaunderingSuspected Hizballah financier sanctioned under counter-terrorism regulations

Suspected Hizballah financier Nazem Ahmad has been sanctioned using domestic counter-terrorism powers.
Powers used for the first time in order to curtail a suspected international terrorism financing network.

The UK Government has announced a full asset freeze against an individual suspected of financing the terrorist group Hizballah.

Nazem Ahmad has been sanctioned as part of continued efforts to prevent terrorism in the interests of national security. The move will also protect the integrity of the UK economy from terrorist financing threats.

All assets and economic resources belonging to Ahmad in the UK have been frozen and no UK person may do business with him or any of the companies he owns or controls.

This is the first use of the Treasury-led domestic counter terrorism regime, which is used to target those who HM Treasury has reasonable grounds to suspect are involved in terrorist activity.

Treasury Lords Minister Baroness Penn said:

“We will always proactively defend our economy against those who seek to abuse it.

“The firm action we have taken today will clamp down on those who are funding international terrorism, strengthening the UK’s economic and national security.”

The action is part of a coordinated effort with partners to disrupt an international terrorist-financing operation.

Ahmad has an extensive art collection in the UK and he conducts business with multiple UK-based artists, art galleries and auction houses. Following his designation he will be prevented from trading in the UK art market, and other dealers in high-value items will no longer be able to conduct business with him and his associated companies including White Starr DMCC, Bexley Way General Trading LLC, Best Diamond House DMCC, Sierra Gem Diamonds Company NV, Park Ventures SAL and the Artual Gallery.

Further information

This is first time use of powers to designate an individual under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019.
An asset freeze means that it is generally prohibited to deal with the funds or economic resources which are owned, held or controlled by a designated person. The freeze prohibits the making available of further funds or economic resources directly or indirectly to a designated person, and engagement in actions that directly or indirectly circumvent the prohibitions.
When an asset freeze is applied, the funds or economic resources are frozen immediately by the person in possession or control of them.
Imposing an asset freeze does not change the ownership of the frozen funds or economic resource and nor are they transferred to the Office of Financial Sanctions Implementation or HM Treasury for safekeeping.

Sanctioned individual

Nazem Ahmad, suspected Hizballah financier who has control over White Starr DMCC, Bexley Way General Trading LLC, Best Diamond House DMCC, Sierra Gem Diamonds Company NV, Park Ventures SAL and the Artual Gallery.

Story from www.globalcompliancenews.com

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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