CURRENCY EXCHANGE HOUSES, IN TURKEY AND ELSEWHERE IN THE MIDDLE EAST, SANCTIONED BY OFAC FOR TERRORIST FUNDING FROM IRAN TO YEMEN

EXCHANGE HOUSES FACILITATING IRANIAN SUPPORT FOR THE HOUTHIS

The Sa’id al-Jamal network relies on a web of exchange houses based throughout the Middle East to facilitate the movement of Iranian funds to Houthi-aligned financial firms in Yemen. These funds are ultimately transferred to the Houthis or affiliated businesses located throughout the region.

Turkey-based Al Aman Kargo Ithalat Ihracat Ve Nakliyat Limited Sirketi (Al Aman) serves as a waypoint for money sent by the Houthis’ Iranian financiers to the group’s businesses in Yemen. The IRGC-QF has deposited millions of dollars into Al Aman for onward shipment to Yemen, where the funds are ultimately deposited into the accounts of Nabco Money Exchange and Remittance Co. (Nabco), a successor company to the U.S.-designated Al-Hadha Exchange Co. established after the U.S. sanctioned the exchange house.

Al Aman has similarly worked with U.S.-designated Yemeni exchange house AlAlamiyah Express Company for Exchange and Remittance (AlAlamiyah) to transfer funds from Turkey on behalf of the Houthis and the Sa’id al-Jamal network. AlAlamiyah has moved tens of millions of dollars in support of Sa’id al-Jamal’s efforts to fund the Houthis.

Nabco, led by Nabil Ali Ahmed Al-Hadha (Nabil Al-Hadha), the president of the Currency Exchangers Association in Houthi-controlled areas in Sanaa, serves as a financial intermediary to transfer funds to and from Yemen and has received millions of dollars in this fashion from the IRGC-QF on behalf of Sa’id al-Jamal’s network, says OFAC. Millions of dollars have similarly passed through Nabil Al-Hadha’s accounts in Türkiye, which are then deposited in Houthi-affiliated accounts in Yemen. These funds are then converted into Yemeni rials by Yemen-based, Houthi-run Al Rawda Exchange and Money Transfers Company (Al Rawda) in order to conceal this operation.

Sa’id al-Jamal has worked with Iranian officials to move money into accounts based at Al Rawda. Al Rawda itself has moved millions of dollars in Iranian financial support to Yemen via Türkiye on behalf of the Sa’id al-Jamal network. These funds are transferred abroad to Houthi-affiliated companies. Al Rawda simultaneously serves as an intermediary to transfer funds from the Houthi-controlled Ministry of Defense to the group’s front line fighters.

Alalamiyah and Al-Hadha Exchange Co. were previously designated pursuant to E.O. 13224, as amended, on February 23, 2022 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Sa’id al-Jamal.

Nabco Money Exchange and Remittance Co. and Al Rawda Exchange and Money Transfers Company are being designated pursuant to E.O. 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, Sa’id al-Jamal. Nabil Ali Ahmed Al-Hadha is being designated pursuant to E.O. 13224, as amended, for owning or controlling, directly or indirectly, Nabco Money Exchange and Remittance Co.

Al Aman Kargo Ithalat Ihracat Ve Nakliyat Limited Sirketi is being designated pursuant to E.O. 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, AlAlamiyah Express Company for Exchange and Remittance. (appeared in MarineLog)