Financial sanctions, Syria

The Office of Financial Sanctions Implementation, OFSI, of the HM Treasury has published a new Financial Sanctions Notice regarding sanctions measures with respect to persons and entities associated with the government of Syria pursuant to Statutory Instrument SI 2019/792, the „Syria (Sanctions) (EU Exit) Regulations 2019“. Specifically, the Office informs that it has updated its sanction list by modifying the records of one entity on the list which remains subject to asset freezing measures.
##### The amendment concerns the following firm and reads as follows:
DAMASCUS CHAM HOLDING
a.k.a: (1) Damascus Cham Holding Company (2) Damascus Cham Private Joint Stock Company Other Information: (UK Sanctions List Ref):SYR0358. Public-owned company under private law.Names of Director(s)/Management: Adel Anwar AL-OLABI, Chairman of the board of Directors and governor of Damascus. Ultimate beneficial owner(s): Governorate of Damascus. Relatives/business associates/entities or partners/links Mazen Tarazi (EU-designated); businessman Anas Talas (EU-designated); Exceed Development and Investment Company, owned by private investors Hayan Mohammad Nazem Qaddour, and Maen Rizk Allah Haykal (both EU-designated); Khaled Al-Zubaidi and Nader Qalei (both EU-designated) Talas Group, owned by (UK Statement of Reasons):Damascus Cham Holding Company was established by the regime as the investment arm of the Governorate of Damascus in order to manage the properties of the Governorate of Damascus and implement the Marota City project, a luxurious real estate project based on confiscated and expropriated land under decree n°66 and Law n°10 in particular. (Type of entity):Real Estate Listed on: 17/02/2020 UK Sanctions List Date Designated: 31/12/2020 Last Updated: 31/12/2020 16/05/2023 Group ID: 13823.
The new consolidated list may be accessed via this link.