Suspected Hizballah financier sanctioned under counter-terrorism regulations

An HM Government Press release

The UK Government has announced a full asset freeze against an individual suspected of financing the terrorist group Hizballah.

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.

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.

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.

This is first time use of powers to designate an individual under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019.

According to The Guardian

Ahmad, who has not yet been located, did not respond to a request for comment when approached by this newspaper via his gallery in Beirut or on social media.

British artists, galleries and auction houses have been prohibited from trading with him or six named companies, including his Artual gallery in Beirut, which is run by his daughter, Hind Nazem Ahmad.

Ahmad is accused of using art to shelter and launder money for the purposes of terrorism. The use of art, a sector that historically tends towards discretion and the protection of privacy, for the purpose of laundering involves the buying and selling of high-valued pieces to disguise the origins of illegally obtained funds.

Pieces can be relatively easily sold across national borders without alerting the authorities. The subjective nature of the value of art allows prices to be easily inflated or deflated.

Photograph from Lebanon News