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OFAC sanctions Hizballah financier

January 09th, 2016 - Posted by europeansanctions.com in Sanctions

Posted on by on europeansanctions.com

OFAC has targeted what it says is a key Hizballah support network by sanctioning Ali Youssef Charara, said to be one of its financiers, and his company Spectrum Investment Group Holding. In the US Treasury's press release, Charara is alleged to have received millions of dollars from Hizballah to invest in commercial projects that financially support the group, in addition to having worked on oil ventures in Iraq with previously designated Hizballah associates Adham Tabaja and Kassem Hejeij.

OFAC has also deleted the listings of a large number of people and entities under its narcotics sanctions, and amended 5 narcotics related listings. The full details of the changes are here.

This article first appeared on European Sanctions Law & Practice (http://europeansanctions.com/), a blog by Maya Lester (+44 20 7379 3550, maya.lester@brickcourt.co.uk), a barrister at Brick Court Chambers, and Michael O'Kane (+44 (0) 20 7822 7777 mokane@petersandpeters.com), head of Business Crime at Peters & Peters.

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