OFAC: IRAN AND SYRIA SANCTIONS NEW DESIGNATIONS AND REMOVALS – IRANIAN SMUGGLING NETWORK TARGETED

On 10 June, OFAC announced that 7 individuals, 4 entities and 1 vessel have been added to its SDN List.  At the same time 10 names (individuals and entities) have been removed, and 2 other existing entries have been amended.  The new sanctions designate members of a smuggling network that helps fund Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Houthis in Yemen.   Led by Iran-based Houthi financier Sa’id al-Jamal, this network is said to generate tens of millions of dollars in revenue from the sale of commodities, like Iranian petroleum, a significant portion of which is then directed through a complex network of intermediaries and exchange houses in multiple countries to the Houthis in Yemen.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210610

https://home.treasury.gov/news/press-releases/jy0221

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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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