OFAC TARGETS IRGC-QODS FORCE FINANCIAL CONDUIT IN IRAQ FOR TRAFFICKING WEAPONS WORTH HUNDREDS OF MILLIONS OF DOLLARS

On 12th June, the US Treasury added the SOUTH WEALTH RESOURCES COMPANY and 2 individuals to its sanctions lists.  The company is said to be an Iraq-based Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) financial conduit which has trafficked hundreds of millions of dollars’ worth of weapons to IRGC-QF-backed Iraqi militias.  The 2 individuals and the company are said to have covertly facilitated the IRGC-QF’s access to the Iraqi financial system to evade sanctions.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190612.aspx

https://home.treasury.gov/news/press-releases/sm706

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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