US TREASURY TARGETS IRAQ-BASED MONEY SERVICES BUSINESS SUPPORTING ISIS – AFAQ DUBAI

On 17th October, OFAC designated Afaq Dubai, an Iraq-based money services business (MSB) that has been moving money for the Islamic State of Iraq and Syria (ISIS), saying that the MSB is a part of ISIS’s financial network that includes an array of other MSB, hawalas, and financial facilitators in the Middle East.  It is run by 2 ISIS financiers, and, as of early 2018, laundered money for ISIS and provided money to ISIS families.

https://home.treasury.gov/news/press-releases/sm526

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20181017.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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