OFAC sanctions ‘key Houthi finance network’

The US Treasury’s Office of Financial Assets Control (‘OFAC’) said, 23 February, that it was designating ‘members of an international network funding the Houthis’ war against the Yemeni government and increasingly aggressive attacks threatening civilians and civilian infrastructure in neighboring states.’

According to OFAC, ‘Led by the U.S.-designated Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Houthi financier Sa’id al-Jamal, this network has transferred tens of millions of dollars to Yemen via a complex international network of intermediaries in support of the Houthis’ attacks…

‘Al-Jamal’s network has generated tens of millions of dollars in revenue with the aid of a diverse array of international commodity traders, including Mahamud [UK-born, Abdi Nasir Ali Mahamud, designated by OFAC in September 2021], UAE- and Sweden-based Abdo Abdullah Dael Ahmed (Dael), and UAE-based Greek businessman Konstantinos Stavridis (Stavridis).

‘Dael has helped al-Jamal and Mahamud launder and transfer millions of dollars in support of their network. The Dael-operated, Yemen-based Moaz Abdalla Dael Import and Export (Dael Import and Export) has transferred over $10 million to al-Jamal. Dael Import and Export has worked with Mahamud and his company, the Treasury-designated Adoon General Trading FZE, to import goods into Yemen, allowing al-Jamal to move funds into Yemen in support of the Houthis.

‘Stavridis has used his company Fani Oil Trading FZE (Fani Oil) to purchase gasoline from al-Jamal, the proceeds from which were ultimately sent to the Houthis. Mahamud’s Adoon General Trading FZE helped facilitate the deal. Fani Oil has created fraudulent shipping documents to facilitate the sale and shipment of gasoline worth tens of millions of dollars.

‘Abdo Abdullah Dael Ahmed, Moaz Abdalla Dael Import and Export, and Konstantinos Stavridis are all being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Sa’id al-Jamal. Fani Oil Trading FZE is being designated pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, directly or indirectly, Konstantinos Stavridis.

OFAC said it was also taking action against ‘Turkey-based JJO General Trading Gida Sanayi Ve Ticaret Anonim Sirketi and UAE-based Al Foulk General Trading Co. L.L.C, companies directed by Mahamud and Dael, respectively. JJO General Trading Gida Sanayi Ve Ticaret Anonim Sirketi is being designated pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, directly or indirectly, Abdi Nasir Ali Mahamud. Al Foulk General Trading Co. L.L.C is being designated pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, directly or indirectly, Abdo Abdullah Dael Ahmed.’

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220223