Argentina’s Financial Information Unit (UIF) has identified and frozen cryptocurrencies linked to two individuals connected to Syria’s terrorist group Hay’et Tahrir al‑Sham (HTS). These funds were frozen due to suspicious activities on national cryptocurrency exchanges.
According to UIF head Paul Starc, the assets were blocked under Article 6 of Law 27,734, which allows for freezing assets associated with terrorist organizations. These actions were reported to Federal Judge María Eugenia Capuchetti.
The enforcement action targets a Russian passport holder living in Argentina and a foreign national sanctioned by the U.S. Treasury and Israel’s National Bureau for Counter Terror Financing. The UIF clarified that while transactions did not involve large amounts, they ended in accounts that have been flagged for suspicious activity. This is why, despite no indication that the funds were meant for terror attacks in Argentina, the transactions raised serious red flags.
This is the first public freeze linked to Syria’s HTS. The HTS is an armed militant group based in Damascus, formed in 2017 via a merger of several armed factions like al-Nusra and al-Qaeda. It was designated as a terrorist group by the UN and many other countries. But in June 2024, following a regime change in Syria, the US revoked its Foreign Terrorist Organization (FTO) status
This move by Argentina is a part of the nation’s active efforts to expand its anti-money laundering (AML) and counter-terrorism financing (CTF) efforts, particularly in crypto. The nation has developed a new set of Virtual Asset Service Provider (VASP) regulations as per the FATF Standards.
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