Office of Financial Sanctions Implementation

(Limited Text - Ministerial Extracts only)

Tuesday 18th April 2023 Written Statements

[The Exchequer Secretary to the Treasury (James Cartlidge)]

My noble friend Baroness Penn, the Treasury Minister in the House of Lords, has today made the following written ministerial statement.

On 18 April, the UK announced a sanctions designation under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019. This regime is used to target those involved in terrorist financing on UK soil and is the first use of HM Treasury’s sanctions power.

Today’s designation imposes an asset freeze on an individual suspected of being associated with financing Hezbollah. This action demonstrates that the UK is prepared, and will continue to take action, to proactively defend the UK economy against terrorist financing threats, prevent terrorism in the UK and protect UK national security interests.

The specific designation is:

Nazem Ahmad—Suspected Hezbollah 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.

[HCWS724]