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ARTICLE · 10 MAY 2019

OFAC Targets Hizballah Financing Conduits

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Pursuant to Executive Order 13224, OFAC designated two individuals and three entities for "acting as conduits for sanctions evasion schemes" for Hizballah finances.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Pursuant to Executive Order 13224, OFAC designated two individuals and three entities for "acting as conduits for sanctions evasion schemes" for Hizballah finances. The various entities and individuals were based in Belgium, the UK and Lebanon.

OFAC stated that the two individuals and three entities designated are subject to "secondary sanctions" pursuant to the Hizballah Financial Sanctions Regulations.

As a result of OFAC's action, all property and interests in property of the designated persons, or of any entity that is owned by one or more designated persons, that are in the United States or in the possession or control of U.S. persons, are blocked and must be reported to OFAC. OFAC's regulations generally forbid all dealings by U.S. persons, or within or transiting the United States, that involve any property or interests in property of blocked or designated persons.

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