OFAC Sanctions Iraq-Based Financial Conduit for IRGC

The Treasury’s Office of Foreign Assets Control sanctioned Iraq-based South Wealth Resources Company (SWRC), the “financial conduit” for the Islamic Revolution Guards Corps-Qods Force, Treasury said in a June 12 press release. Treasury said SWRC has trafficked “hundreds of millions of dollars” in weapons to Iraqi militias. OFAC also sanctioned two SWRC associates, Makki Kazim ‘Abd Al Hamid Al Asadi and Mohammed Hussein Salih Al Hasani, for facilitating the IRGC’s access to Iraq’s financial system to evade U.S. sanctions. SWRC and its two associates are being sanctioned as Specially Designated Global Terrorists, the press release said.

SWRC, also known as Manabea Tharwat al-Janoob General Trading Company, has been used by the IRGC as a front to smuggle weapons into Iraq and to earn profits from commission payments for sanctioned members of the IRGC, Treasury said. Both of the associates received commission payments for contracts with SWRC, the press release said, and helped ship various weapons to Iraq.