UK imposes sanctions on Lebanon-based Hezbollah financier, Nazem Ahmad

On Tuesday, the United Kingdom Government announced a complete asset freeze against Nazem Ahmad, suspected of financing Hezbollah.  

Nazem Ahmad was sanctioned as part of the 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," said a statement issued by HM Treasury and the Office of Financial Sanctions Implementation. 

According to the statement, all his assets and economic resources in the UK have been frozen. The statement added, "no UK person may do business with him or any of the companies he owns or controls."  

Treasury Lords Minister Baroness Penn expressed that this "firm action we have taken today will clamp down on those funding international terrorism, strengthening the UK's economic and national security." 

Following his designation, Ahmad, who has an extensive art collection in the UK, 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, said the statement.   

In 2019, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) took action against two Lebanon and Democratic Republic of the Congo (DRC)-based money launderers and their affiliated companies, including the Lebanon-based Nazem Said Ahmad.  

According to OFAC, diamond dealer Ahmad is a prominent money launderer. As of late 2016, he was considered a major Hezbollah financial donor, who laundered money via his companies for Hezbollah and provided funds personally to Secretary-General Hassan Nasrallah.   

He was also involved in "blood diamond" smuggling and ran businesses in Belgium that benefitted Hezbollah, said OFAC.