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U.S. Freezes Assets of Assad's Cousin

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Written by News Editor

Thursday, 21 February 2008

The U.S. Treasury on Thursday froze the assets of Syrian President Bashar al-Assad's cousin as part of widening sanctions against the Damascus regime accused of public corruption and destabilizing Lebanon. Rami Makhluf, a powerful Syrian businessman, "improperly benefits from and aids the public corruption of Syrian regime officials," a Treasury Department statement said in announcing the asset freeze. Under the action Thursday, "any assets that Makhluf holds under U.S. jurisdiction will be frozen, and U.S. persons are prohibited from engaging in business or transactions with Makhluf," it said. Makhluf, Assad's maternal cousin, "used intimidation and his close ties to the Assad regime to obtain improper business advantages at the expense of ordinary Syrians," said Stuart Levey, Treasury under secretary for terrorism and financial intelligence. "The Assad regime's cronyism and corruption has a corrosive effect, disadvantaging innocent Syrian businessmen and entrenching a regime that pursues oppressive and destabilizing policies, including beyond Syria's borders, in Iraq, Lebanon, and the Palestinian territories," he said. President George W. Bush issued an executive order on February 13 to take additional measures to address U.S. security, foreign policy and economic concerns posed by the Syrian government. The Treasury Department said Syrian corruption also undercut peace and stability in the region, funded terrorism and violence and undermined the sovereignty of neighboring Lebanon. Lebanon has been gripped by a power struggle between the Western-backed majority and the opposition, supported by Syria and Iran, since pro-Damascus president Emile Lahoud stepped down on November 23. Syria and Iran deny U.S. accusations of meddling in Lebanon's affairs, insisting that it is Washington and its allies Paris and Riyadh that are blocking a resolution of the deadlock. Efforts to convene a session of parliament to elect a new head of state have been postponed 14 times.(AFP-Naharnet)

 

 

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