U.S. Sanctions Diamond Dealer for Allegedly Aiding Hezbollah
The U.S. Department of the Treasury’s Office of Foreign
Assets Control has sanctioned Lebanese diamond dealer Nazem Said Ahmad
(pictured) for allegedly generating millions of dollars for terrorist group
Hezbollah.
Being added to OFAC’s Specially Designated Nationals and Blocked
Persons List means that U.S. citizens are forbidden to do business with Ahmad,
and anyone who does business with him may be subject to enforcement action. In
addition, his U.S. assets are frozen.
A Treasury statement described Nazem Said Ahmad as a diamond
dealer who formerly ran a business in Belgium. He is “also a prominent
Lebanon-based money launderer and significant Hizballah financier,” it alleged.
Among the businesses OFAC links to Ahmad are: Beirut Diam
SAL, Beirut Gem SAL, Debbiye 143 SAL, Damour 850 SAL, Gebaa 2480 SAL,
Noumayriye 1057 SAL, Nour Holding SAL, Montecarlo Beach SAL, Beirut Trade SAL,
Blue Star Diamond SAL Offshore, and Aramoun 1506 SAL.
Ahmad is also involved in high-value art collecting, and his
collection includes pieces by Pablo Picasso and Andy Warhol.
Ahmad could not be reached for comment, but his daughter,
who runs a Beirut art gallery also cited by OFAC, denied the charges to The New
York Times.
Also sanctioned were two other Lebanese businessmen—Saleh
Assi and Tony Saab. Assi denies any wrongdoing.
Jewelers Vigilance Committee president and chief and
executive officer Tiffany Stevens says we should expect more industry names
sanctioned by OFAC. She noted that the U.S. Treasury Department recently hosted
an event about this issue, which stressed the need for companies to do proper
due diligence, comply with existing anti–money laundering statutes, and, if
need be, file suspicious activity reports.
“Our concern is that good upstanding people will get swept
up in this,” she says.
In September, the Treasury Department slapped OFAC sanctions
Al-Hebo Jewelry Co., which has locations in Turkey and Syria, for allegedly
siphoning funds to terrorist group ISIS.
In addition, OFAC has sanctioned more than 30 entities
linked to Israeli diamond billionaire Dan Gertler for allegedly engaging in
corrupt business deals in the Democratic Republic of Congo. Gertler has
protested his innocence and recently hired attorney Alan Dershowitz and former
FBI director Louis Freeh to press his case.
Diamonds mined by Zimbabwe Mining Development Corp.–which
includes most of the diamonds produced in the Marange region of Zimbabwe—are
also subject to OFAC sanctions.
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