Suspected Hezbollah financier sanctioned by UK government
The UK Government has announced a full asset freeze against Lebanese art collector Nazem Ahmad as part of efforts to prevent terrorism in the interests of national security
An art dealer and suspected financier of the Hezbollah terror group has been sanctioned by the UK government.
Nazem Ahmad has had all assets and economic resources shown to belong to him frozen, while o UK person may do business with him or any of the companies he owns or controls.
Ahmad, a high-end art dealer with an extensive collection in the UK is known to conduct business with multiple UK based artists, art galleries and auction houses.
His links to the Iranian-backed Lebanese based terror group Hezbollah reportedly date back to 2001.
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.
In previous newspaper reports in America, Ahmad is said to have a fondness for works by Warhol and Picasso.
This is the first use of the Treasury-led domestic counter-terrorism regime – under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019 – aimed at targeting those who the government has reasonable grounds to suspect are involved in terrorist activity.
In 2019, the US Department of the Treasury announced sanctions on diamond dealer and prominent art collector Ahmad, in an effort to fight money-laundering that supports Hezbollah—the Lebanon-based political faction categorised as a terrorist movement by American officials.
It was claimed Ahmad, whose links to Hezbollah date as far back as 2001, established the Artual Gallery in Beirut as a front to “launder substantial amounts of money bound for the terrorist group,” for which he is a “significant financier,” having at one point even “personally” provided funds to Hezbollah Secretary-General Hassan Nasrallah.
Confimed the UK sanctions on Tuesday 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.”
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