World-Check Profiles Newly Designated Syrian businessman, More than Three Years Ahead of OFAC

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World-Check's team of researchers identified and profiled heightened risk individual almost four years ahead of OFAC designation.

On the 21st of February the US Treasury of Foreign Assets Control designated Rami Makhluf, a Syrian businessman and regime insider, pursuant to Executive Order 13460, which targets individuals and entities determined to be responsible for or who have benefited from the public corruption of senior officials of the Syrian regime.

World-Check's team of researchers identified and profiled Makhluf on the 11th of May 2004, almost four years ago. He has reportedly manipulated the Syrian judicial system and used Syrian intelligence officials to intimidate his business rivals. Allegedly, his close business associations with some Syrian cabinet ministers have enabled him to gain access to Syrian economic sectors and control the issuance of certain types of profitable commodities contracts. Makhluf is the chairman of Ramak and Syriatel and his business interests include telecommunications, commercial, oil, gas and the banking sectors. He purportedly controls lucrative franchises and is involved in smuggling through the management of a free trade zone in Damascus. He also has reported business ties to the former Prime Minister of Lebanon, Najib Mikati.

"Our ability to time and again keep our clients ahead of the financial, regulatory and reputation risks posed by heightened risk individuals around the globe proves the reliability of our risk intelligence database" said David Leppan, CEO and founder of World-Check. "By also revealing these high risk individuals' relationship networks and business entities, where the real risk often lies, we give our clients the tools to mitigate the risks involved in doing business with such heightened risk individuals."

http://www.treas.gov/press/releases/hp834.htm

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Marion Willson
World-Check
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