The UK Government has announced a full asset freeze against an
individual suspected of financing the terrorist group Hizballah.
Nazem Ahmad has been sanctioned as part of continued efforts to
prevent terrorism in the interests of national security. The move
will also protect the integrity of the UK economy from terrorist
financing threats.
All assets and economic resources belonging to Ahmad in the UK
have been frozen and no UK person may do business with him or any
of the companies he owns or controls.
This is the first use of the Treasury-led domestic counter
terrorism regime, which is used to target those who HM Treasury
has reasonable grounds to suspect are involved in terrorist
activity.
Treasury Lords Minister said:
“We will always proactively defend our economy against those who
seek to abuse it.
“The firm action we have taken today will clamp down on those who
are funding international terrorism, strengthening the UK’s
economic and national security.”
The action is part of a coordinated effort with partners to
disrupt an international terrorist-financing operation.
Ahmad has an extensive art collection in the UK and he conducts
business with multiple UK-based artists, art galleries and
auction houses. Following his designation he will be prevented
from trading in the UK art market, and other dealers in
high-value items will no longer be able to conduct business with
him and his associated companies including White Starr DMCC,
Bexley Way General Trading LLC, Best Diamond House DMCC, Sierra
Gem Diamonds Company NV, Park Ventures SAL and the Artual
Gallery.
Further information
- This is first time use of powers to designate an individual
under the Counter Terrorism (Sanctions) (EU Exit) Regulations
2019.
- An asset freeze means that it is generally prohibited to deal
with the funds or economic resources which are owned, held or
controlled by a designated person. The freeze prohibits the
making available of further funds or economic resources directly
or indirectly to a designated person, and engagement in actions
that directly or indirectly circumvent the prohibitions.
- When an asset freeze is applied, the funds or economic
resources are frozen immediately by the person in possession or
control of them.
- Imposing an asset freeze does not change the ownership of the
frozen funds or economic resource and nor are they transferred to
the Office of Financial Sanctions Implementation or HM Treasury
for safekeeping.
Sanctioned individual
Nazem Ahmad, suspected Hizballah financier who has control over
White Starr DMCC, Bexley Way General Trading LLC, Best Diamond
House DMCC, Sierra Gem Diamonds Company NV, Park Ventures SAL and
the Artual Gallery.
