The US has announced further sanctions on individuals and companies accused of providing financial services or helping with weapons procurement for Hezbollah.
The Treasury Department's Office of Foreign Assets Control sanctioned two people and two companies based in Lebanon for providing financial services to Hezbollah, and one person involved in facilitating weapons procurement for the group, it said in a statement.
“The individuals and companies being designated today have enabled Hezbollah's financial apparatus operating throughout Lebanon,” said Under Secretary for Terrorism and Financial Intelligence Brian Nelson.
“Their public personae as financial professionals and institutions is just another way Hezbollah hides its abuse of the financial system to support its destabilising agenda.”
Those sanctioned on Thursday were Adel Mohamad Mansour, who the US says led a Hezbollah-run quasi-financial institution; Hassan Khalil, who is said to have worked to procure weapons on behalf of Hezbollah, and Naser Hassan Neser, who worked with an entity that provided financial services to the group.
The two companies sanctioned on Thursday for providing financial services to Hezbollah were named Al Khobara and Auditors for Accounting and Auditing, known simply as Auditors.
The company is run by Mr Mansour and the US said it provided services to and operates out of the building of Al-Qard Al-Hassan, a charity-licensed banking institution formerly run by Mr Mansour and previously sanctioned by the US for being a Hezbollah front.
“Other senior officials at Al Khobara include US-designated senior Hezbollah official Hussein Al Shami, who previously headed AQAH and another US-designated Hezbollah financial institution, Bayt Al Mal, as well as Ahmad Yazbeck, who was designated in May 2021 for acting for or on behalf of AQAH,” the US said.
The US said Auditors was designated as it is owned, controlled or directed by Ibrahim Baher, who was designated in May 2021 for being a member of Hezbollah and the head of its central finance unit.
Mr Neser worked in Auditors alongside Mr Baher.
Founded in 1982 by Iran's Islamic Revolutionary Guard Corps and classified by the US and other Western countries as a “terrorist organisation,” Hezbollah is a powerful group in Lebanon because of a heavily armed militia that fought several wars with Israel.
It grew stronger after joining the war in Syria in 2012 in support of President Bashar Al Assad.
OFAC regulations generally prohibit all dealings by “US persons” or within the US that involve any property or interests in property of designated entities.
Last month, the US issued sanctions against an international oil smuggling network it said supports Hezbollah and Iran's Quds Force, targeting dozens of people, companies and tankers.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
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Industry: e-commerce
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