"As a result of today’s action, all assets of these individuals and entities that are under the jurisdiction of the United States or in the control of US persons are frozen," the release stated.
The Treasury Department’s Office of Foreign Assets Control (OFAC) froze the assets after the Waked was designated as narcotics trafficking organization under the Foreign Narcotics Kingpin Destination Act, the release noted.
"This action exposes the Waked money laundering organization and disrupts its ability to launder drug trafficking proceeds using trade-based methods, duty-free retail, real estate development, and financial services throughout the region," Acting OFAC Director John Smith stated in the release.
The OFAC accused the Waked organization of money laundering in order to support multiple international drug traffickers.
