Treasury increases financial pressure on Houthis

WASHINGTON Today, the Treasury's Office of Foreign Assets Control (OFAC) sanctioned the Yemen-based YSC (Yemen Kuwait Bank) for Trade and Investment for its financial support of Ansarallah, commonly known as the Houthis. A U.S.-designated terrorist organization, the Houthis continue to attack U.S. military personnel, U.S. regional partners, and legitimate commerce in the Red Sea.

The Houthis rely on a few key financial institutions like the Bank of Yemen and Kuwait to access the international financial system and finance their destabilizing attacks in the region, said the acting Treasury undersecretary for terrorism and financial intelligence. , Bradley T. Smith. The United States is committed to disrupting these illicit channels and working with Yemen's internationally recognized government to ensure that the country's banking sector remains safe from Houthi influence.

Today's designation builds on previous Treasury sanctions that targeted Houthi-affiliated exchange houses and international financial networks responsible for funneling illicit proceeds from Iranian oil sales to the Houthis. The Treasury Department remains committed to tackling the financial networks that underpin Houthi regional aggression. The United States is prepared to use every tool at its disposal to block its access to the U.S. financial system and to work with our partners and allies to restrict its ability to access the global financial system.

This action is taken in accordance with Anti-Terrorism Authority Executive Order (EO) 13224, as amended. The U.S. Department of State's designation of Ansarallah as a Specially Designated Global Terrorist (SDGT) pursuant to EO 13224, as amended, took effect on February 16, 2024.

BANK OF YEMEN OF KUWAIT

The Houthis rely on a network of exchange houses, banks and other financial intermediaries to receive funds from and engage in illicit trade with Iran, including the Quds Force of the Islamic State Corps. Islamic Revolutionary Guards (IRGC-FQ). Senior Houthi officials, including Hashem Ismail Ali Ahmad al-Madani, the sanctioned governor of the Houthi-aligned Sanaa central bank, played a key role in transferring funds to the Houthis from the FQ-IRGC.

Yemen The Bank of Kuwait is helping the Houthis exploit Yemen's banking sector to launder money and transfer funds to its allies, including Lebanon's Hezbollah. The Bank of Yemen and Kuwait helped the Houthis create and finance front companies, which the group used to facilitate Iranian oil sales in coordination with the sanctioned Swaid and Sons for Exchange Co, associated with the Houthis.

The Bank of Yemen and Kuwait is designated pursuant to EO 13224, as amended, for materially assisting, sponsoring, or providing financial, material, or technological support, or goods or services to or in support of Ansarallah .

IMPLICATIONS OF SANCTIONS

As a result of today's action, all property and interests in property of the designated person described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, all entities that are owned, directly or indirectly, individually or in aggregate, 50 percent or more by one or more blocked persons, are also blocked. Unless authorized by a general or specific license issued by OFAC or exempted, U.S. sanctions generally prohibit all transactions by U.S. persons or within (or in transit) of the United States that involve property or interests in property of designated persons or otherwise blocked.

Violations of U.S. sanctions may result in the imposition of civil or criminal sanctions against U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on the basis of strict liability. OFAC's Economic Sanctions Enforcement Guidance provides more information on OFAC's enforcement of U.S. economic sanctions. Additionally, financial institutions and other individuals may be at risk of exposure to sanctions for engaging in certain transactions or activities with designated or otherwise blocked individuals.

Additionally, engaging in certain transactions with today's designated individuals carries a risk of secondary sanctions pursuant to EO 13224, as amended. Under this authority, OFAC may prohibit or impose strict conditions on the opening or maintenance in the United States of a correspondent account or pass-through account of any foreign financial institution that has knowingly conducted or facilitated any significant transaction on behalf of a specially designated person. Global terrorist.

The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add individuals to the Specially Designated Nationals and Blocked Persons (SDN) list, but also from its willingness to remove people from the SDN list in accordance with the law. The ultimate goal of sanctions is not to punish, but to bring about positive change in behavior. For more information on the process of requesting removal from an OFAC list, including the SDN list, please refer to OFAC Frequently Asked Questions 897 here. For detailed information on the process of submitting a request to be removed from an OFAC sanctions list, please click here.

For identifying information on the individuals and entities sanctioned today, click here.

###

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos