U.S. sanctions hit Canadian company alleged to be arm of Hezbollah funding network

VANCOUVER — The U.S. Treasury Department has sanctioned a global network of 16 individuals and entities, including a company in Canada, accused of laundering and diverting more than $100 million to Hezbollah since 2020..The Office of Foreign Assets Control announced the designations through a press release on Friday, and then again through various social media channels on Monday, against a network led by Alaa Hassan Hamieh, an alleged Hezbollah financier and former vice-president of the Investment Development Authority of Lebanon.According to the Treasury, Hamieh oversaw companies controlled through family members and close associates that raised and laundered funds for Hezbollah’s finance team.The Canadian entity, Seven Seas for International Trading and Logistics — registered in British Columbia in 2022 as 1380892 B.C. Ltd. and operating from Vancouver — was described by the Treasury as the Canadian branch of Hamieh’s Lebanese Seven Seas companies.Qatar-based Raoof Fadel, sanctioned as chief executive and co-founder, is accused of collaborating on multiple projects with Hamieh and members of Hizballah’s finance team. Corporate records show the company’s directors are based in Qatar.According to allegations made by the U.S. Treasury, the network spans Lebanon, Syria, Poland, Slovenia, Qatar and Canada, and was involved in procurement, money laundering and economic projects benefiting the Iran-backed militant group.“Iran is the head of the snake when it comes to global terrorism, and its proxies, such as Hizballah, carry out Tehran’s mission to sow chaos and destruction beyond its borders,” U.S. Treasury Secretary Scott Bessent said in a statement..The action was taken under Executive Order 13224, which targets terrorists and their supporters. Hezbollah has long been designated by the U.S. as a foreign terrorist organization.Treasury officials allege Hamieh abused his former position at IDAL to direct millions in funds from a trade agreement between Iraq and Lebanon toward Hezbollah-linked reconstruction projects.The designations freeze any U.S.-based assets of those targeted and prohibit Americans from doing business with them. Foreign financial institutions that facilitate transactions for the network could also face secondary sanctions.The move is part of ongoing U.S. efforts to disrupt Hizballah’s funding streams, which support both its armed wing and social programs in Lebanon.The group has faced repeated international calls to disarm amid regional tensions involving Israel and support for the Assad regime in Syria.The Treasury noted the network used complex ownership structures, including proxies and family members, to evade detection.

U.S. sanctions hit Canadian company alleged to be arm of Hezbollah funding network

Related Stories