America imposes sanctions on two Syrian companies for financial services

America imposes sanctions on two Syrian companies for financial services

May 31 2023

ARK News... The United States, on Tuesday, imposed sanctions on two Syrian exchange companies, which help the Syrian regime to access the global financial system, in violation of the sanctions imposed on Syria.

The Office of Foreign Assets Control of the US Department of the Treasury included the "Al-Fadil" and "Al-Adham" companies for financial services and exchange on the sanctions list under the "Caesar Act", noting that the two companies secretly helped the Syrian regime gain access to the international financial system.

According to the decision of the Office of Foreign Assets Control, Al-Fadil Exchange Company, based in Damascus, facilitated payments from the Syrian regime to the financial officer of “Hezbollah”, who is on the US terrorist list, Muhammad Qassem Al-Bazzal, in return for shipments of Iranian oil, in mid-2021.

The company also facilitated transfers of millions of dollars to accounts in the Central Bank of Syria, which is sanctioned by the United States, while Hezbollah used the company to transfer funds from other countries in the region to Syria.

The office indicated that the Syrian regime and Hezbollah collect hard currency from outside Syria, and use the Al-Fadil Company to transfer that money to the Central Bank of Syria.

Al-Fadil Exchange Company was classified according to the US sanctions regime for its material assistance, sponsorship, or provision of financial, material, or technical support, goods, or services to support the Central Bank of Syria.

It was also classified under the "Caesar Law", for being a foreign person who intentionally provides significant financial, material, or technical support, or knowingly participates in an important deal in favor of the Syrian regime.
The Damascus-based Al-Adham Exchange Company has facilitated transfers worth millions of dollars since 2021 to accounts in the Central Bank of Syria, directly benefiting the government of the Syrian regime and Bashar al-Assad.

Since late 2022, the company has regularly transferred funds outside Syria for the benefit of the Central Bank of Syria, according to the US Office of Foreign Assets Control.

Al-Adham Exchange Company was classified according to the US sanctions regime, for its material assistance, sponsorship, or provision of financial, material, or technical support, goods, or services to support the government of the Syrian regime.

It was also classified under the Caesar Act, for being a foreign person who intentionally provides significant financial, material, or technical support, or knowingly participates in an important deal for the benefit of the Syrian regime.

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