All assets and economic resources belonging to Nazem Ahmad in the UK have been frozen
The UK Government has announced a full asset freeze against an individual suspected of financing the terrorist group Hizballah.
Nazem Ahmad has been sanctioned as part of continued efforts to prevent terrorism in the interests of national security. The move will also protect the integrity of the UK economy from terrorist financing threats.
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 use of the Treasury-led domestic counter terrorism regime, which is used to target those who HM Treasury has reasonable grounds to suspect are involved in terrorist activity.
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.”
The action is part of a coordinated effort with partners to disrupt an international terrorist-financing operation.
Ahmad has an extensive art collection in the UK and he conducts business with multiple UK-based artists, art galleries and auction houses. 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.
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