A Lebanese trading business has been blacklisted by the US Treasury, which says that Trade Point International supports Hezbollah’s financial support network.
The US has also designated Mohamad Noureddine and Hamdi Zaher El Dine for money laundering via Trade Point International.
Trade Point International was designated for being owned or controlled by Noureddine, according to a US Treasury statement.
It describes the business as a multi-purpose company and maintains that Noureddine has utilised an extensive network across Asia, Europe and the Middle East to provide money laundering, bulk cash shipment, black market currency exchange and other financial services to a variety of clients, including Hezbollah members.
The treasury describes Hamdi Zaher El Dine as a money launderer and employee of Trade Point International who has worked with Noureddine to transfer money.
All assets of those designated that are based in the US or in the possession or control of US persons are frozen, and US persons are generally prohibited from engaging in transactions with them.
Hezbollah was designated by the US as a Specially Designated Global Terrorist in October 2001.
Categories: Trade Based Financial crimes News