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Houthi militia allocates exchange companies to receive customer deposits instead of banks

English - Monday 02 August 2021 الساعة 05:01 pm

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Aden, NewsYemen, Exclusive:

A source in a bank in the capital, Sanaa, said that the Houthi militia is working on issuing a decision banning banks from receiving customer deposits, and transferring deposits to exchange companies.

The source, who asked not to be named, confirmed to NewsYemen that the Houthi militia has prepared many exchange companies in which it invests to replace banks in receiving customer deposits.

He added that the militia directed, through its supervisors in public institutions, businessmen and merchants to supply money and deposit it in exchange companies.

The Houthi militia practices money laundering through exchange companies, and passes remittances for its local and foreign activities through names it takes as commercial fronts to escape any penalties.

Washington had issued sanctions against the Sweid & Sons Exchange Company for its involvement in providing financial services to finance the activities of the Houthi militia.

The Houthi militia imposes heavy pressures and levies on Yemeni commercial and Islamic banks, which are based in the capital, Sana'a.

The Houthi militia still controls the capital, Sana'a, its commercial hub, banks and insurance institutions, government commercial companies, and the tax sector.

The illegal practices of the Houthi militia forced Yemeni banks to abandon many of their jobs in favor of exchange companies.

Reports confirm that the Houthi militia has established, over the past years, many money exchange companies, to invest the money it loots from state revenues, from the trade in fuel, medicine, and the telecommunications sector, and the money it obtains from relief aid to Yemen and foreign funds it receives from Qatar and Iran.

The exchange companies controlled by the Houthi militia were able to smuggle sums of money abroad and to speculate on exchange rates in the liberated areas and are not subject to the control of the Central Bank.