'Al-Fadel' Forced to Close Damascus Office Due to Suspicious Financial Transfers

'Al-Fadel' Forced to Close Damascus Office Due to Suspicious Financial Transfers
Israeli threats to Syrian exchange companies reflect a shift in strategy targeting Hezbollah financing networks and Iranian money transfers
November 13, 2024, 10:07 pm

الحوالات إلى سوريا \ تعبيرية \ منداول

Al-Fadel money transfer company in Syria was forced to close its main office in the Mezzeh area of Damascus, following sharp Israeli warnings about its role in facilitating money transfers for Lebanese Hezbollah.

Local sources explained that the company permanently removed its signs from the Mezzeh branch, directing customers to its provincial branch, following three weeks of threats from unknown numbers that prompted it to issue an official statement denying any organizational affiliations.

The Office of Foreign Assets Control revealed that "Al-Fadel Exchange" was involved in facilitating financial transfers from the Syrian regime to Mohammed Qasim Al-Bazal, Hezbollah's financial officer who is on the US terrorism list, in exchange for Iranian oil shipments since mid-2021.

The office reported that the company facilitated the transfer of millions of dollars to accounts in the US-sanctioned Central Bank of Syria, indicating Hezbollah's use of the company to transfer money from regional countries to Syria.

U.S. authorities placed "Al-Fadel Exchange" on sanctions lists for providing financial, technical support and services to the Central Bank of Syria, where the Syrian regime and Hezbollah collect hard currency from outside Syria through the company for transfer to the central bank.

Levant-Agencies

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