Overview

Sa’id Ahmad Muhammad al-Jamal is a U.S.-designated, Iran-based financier.“Treasury Sanctions Network Financing Houthi Aggression and Instability in Yemen,” U.S. Department of the Treasury, June 10, 2021, https://home.treasury.gov/news/press-releases/jy0221. Al-Jamal heads a network of front companies and vessels that generate millions of dollars in revenue to the Houthis in Yemen. The U.S. Department of the Treasury designated al-Jamal as a Specially Designated Global Terrorist on June 10, 2021, for his role in funding the destabilizing activities of the Houthis in both Yemen and Saudi Arabia.“Treasury Sanctions Network Financing Houthi Aggression and Instability in Yemen,” U.S. Department of the Treasury, June 10, 2021, https://home.treasury.gov/news/press-releases/jy0221. On February 23, 2022, the Treasury Department designated additional members and entities of al-Jamal’s financial network, the activities and funds of which have contributed tens of millions of dollars towards the Houthis on-going offensive in Yemen.“Treasury Targets Key Houthi Finance Network in Coordination with Regional Gulf Partners,” U.S. Department of the Treasury, February 23, 2022, https://home.treasury.gov/news/press-releases/jy0603.

On June 10, 2021, the U.S. Department of the Treasury imposed sanctions on al-Jamal and 11 other individuals and entities who comprise a smuggling network responsible for providing tens of millions of dollars of funds to the Houthis. The individuals and entities—who allegedly who allegedly are in cooperation with senior officials of Iran’s Islamic Revolutionary Guard Corps- Quds Force (IRGC-QF)—sell commodities, such as Iranian petroleum, throughout the Middle East, Africa, and Asia. According to the Treasury Department, al-Jamal also maintains connections to Hezbollah as he works with the group to send tens of millions of dollars to support the Houthis and their operations.Aziz Yaakoubi, “U.S. sanctions Houthi military leaders as peace efforts stall,” Reuters, May 20, 2021, https://www.reuters.com/world/middle-east/us-imposes-sanctions-two-houthi-military-leaders-2021-05-20/.

The seven designated individuals assisted al-Jamal in a variety of capacities including setting up bank accounts, procuring vessels, coordinating shipments of Iranian fuel, and facilitating transfers of funds to both the Houthis in Yemen and Hezbollah in Syria. Among the designations included Abdi Nasir Ali Mahamud, al-Jamal’s Turkey-based business partner whose businesses have served as a cover for al-Jamal’s activities.“Treasury Targets Key Houthi Finance Network in Coordination with Regional Gulf Partners,” U.S. Department of the Treasury, February 23, 2022, https://home.treasury.gov/news/press-releases/jy0603.

On February 23, 2022, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) designated additional individuals and entities who belonged to al-Jamal and Mahamud’s financial and business network. Among the designations was Abdo Abdullah Dael Ahmed and his Yemen-based Moaz Abdalla Dael Import and Export business which has transferred over $10 million to al-Jamal. Also designated was Konstantinos Stavridis and his company, Fani Oil Trading FZE. Stavridis’ company reportedly purchased tens of millions of dollars of gasoline from al-Jamal and the proceeds were ultimately sent to the Houthis.“Treasury Targets Key Houthi Finance Network in Coordination with Regional Gulf Partners,” U.S. Department of the Treasury, February 23, 2022, https://home.treasury.gov/news/press-releases/jy0603.

The proceeds of al-Jamal’s operations reportedly are funneled through an international network of intermediaries and money exchange houses including the U.S.-designated, Turkey-based Garanti Ihracat Ithalat Kuyumculuk Dis Ticareet Limited Sirketi, and the Yemen-based money exchange houses AlAlamiyah Express Company for Exchange and Remittance and Al-Hadha Exchange Co. According to the Department of the Treasury, Garanti Ihracat has facilitated millions of dollars of transactions for al-Jamal, and the Yemen-based money exchange houses moved over tens of millions of dollars in support of al-Jamal’s efforts to fund the Houthis.“Treasury Targets Key Houthi Finance Network in Coordination with Regional Gulf Partners,” U.S. Department of the Treasury, February 23, 2022, https://home.treasury.gov/news/press-releases/jy0603.

Al-Jamal’s extensive network also includes shipping companies, such as Aurum Ship Management FZC which is based in India, Singapore, and the United Arab Emirates. The company—which was also designated by OFAC on February 23, 2021—manages ships connected to both al-Jamal and Mahamud and has transferred oil to Houthi-controlled ports in Yemen.“Treasury Targets Key Houthi Finance Network in Coordination with Regional Gulf Partners,” U.S. Department of the Treasury, February 23, 2022, https://home.treasury.gov/news/press-releases/jy0603.

The revenue from al-Jamal’s extensive financial network have further supplemented the Houthis and their ongoing offensive on Yemeni soil.“Treasury Sanctions Network Financing Houthi Aggression and Instability in Yemen,” U.S. Department of the Treasury, June 10, 2021, https://home.treasury.gov/news/press-releases/jy0221. As of December 2021, Yemen’s War has led to the death of more than 377,000 Yemeni citizens and remains the world’s worst humanitarian crisis.“UN humanitarian office puts Yemen war dead at 233,000, mostly from ‘indirect causes’,” United Nations, December 1, 2020, https://news.un.org/en/story/2020/12/1078972; “Yemen war deaths will reach 377,000 by end of the year: UN,” Al Jazeera, November 23, 2021, https://www.aljazeera.com/news/2021/11/23/un-yemen-recovery-possible-in-one-generation-if-war-stops-now#:~:text=New%20UNDP%20report%20projects%20that,reach%201.3%20million%20by%202030.&text=A%20new%20United%20Nations%20report,of%20indirect%20and%20direct%20causes.