Iraq

1970-05-12

Baghdad, Iraq

Al3624852, Passport; All035307, Passport; 00385065, National ID No.

Today, OFAC designated Hamad al-Moussawi, the owner and president of the board of directors of Iraq’s Al-Huda Bank, for his support to the IRGC-QF, including through support for its proxy militia groups in Iraq. Al-Huda Bank has exploited its access to U.S. dollars to support foreign terrorist groups, including the IRGC-QF and Kata’ib Hizballah. Today’s actions underscore the IRGC-QF’s abuse of the Iraqi banking sector to gain access to the U.S. dollars and the international financial system. Al-Moussawi maintains relationships with, and launders money for, the IRGC-QF and Kata’ib Hizballah. He received guidance from the IRGC-QF to establish Al-Huda Bank to conduct money laundering operations for Kata’ib Hizballah, which has a prominent role in laundering money for the IRGC-QF. Al-Moussawi has used partially witting, unaffiliated individuals to execute the purchase of U.S. dollars during currency auctions held by Iraq’s central bank by using their identity documents to circumvent limits on currency purchases. Since its inception, Al-Huda Bank has used forged documents to execute at least $6 billion in wire transfers out of Iraq. Hamad al-Moussawi is being designated pursuant to Executive Order 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, the IRGC-QF.

https://home.treasury.gov/news/press-releases/jy2053

2024-01-29

US

Iranian Financial Sanctions Regulations, 31 CFR part 561

OFAC country specific

Iran

Blocking Property, Suspending Entry, Trade sanctions

• https://ofac.treasury.gov/faqs/topic/1551

On August 16, 2010, OFAC issued the Iranian Financial Sanctions Regulations, 31 CFR part 561 (75 FR 49836, August 16, 2010) (IFSR) to implement provisions of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Pub. L. 111–195) (22 U.S.C. 8501–8551). Since then, OFAC has amended the IFSR several times.

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