Nazem Ahmad, a suspected Hizballah financier, has been sanctioned using domestic counter-terrorism powers. The UK government has announced a full asset freeze against him, meaning 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 time the Treasury-led domestic counter terrorism regime has been used. It is used to target those who HM Treasury has reasonable grounds to suspect are involved in terrorist activity.
Ahmad has a large art collection in the UK and conducts business with multiple UK-based artists, art galleries and auction houses.
Treasury Lords Minister Baroness Penn said: “We will always proactively defend our economy against those who seek to abuse it.
“The firm action we have taken today will clamp down on those who are funding international terrorism, strengthening the UK’s economic and national security.”
April 20, 2023 Published by The Counterterror Business.