OFAC has designated Yemen-based financial services company Al Omgy Exchange, and it’s two owners Said and Muhammad al-Omgy, for providing financial support to al-Qaida in the Arabian Peninsula (AQAP). AQAP is said to hold accounts at Al Omgy Exchange, which it uses to disburse funding throughout Yemen and receive deposits, including extortion payments from Yemeni businesses. In addition to owning Al Omgy Exchange, Said and Muhammad al-Omgy are said to have been involved in fundraising, money laundering, or providing weapons for AQAP. The UAE worked closely with the US in advance of OFAC’s decision to eliminate all access to the UAE financial sector by Al Omgy Exchange.
In the US Treasury’s press release, senior official Adam Szubin states that the US Treasury “will continue to work with our allies to protect the international financial system by exposing and taking action against AQAP supporters”.