US Report Reveals Hezbollah's 'Hidden Wealth' in Syria

The US-based Foundation for Defense of Democracies (FDD) has published a new report examining the continued existence of financial and commercial networks linked to "Hezbollah" within Syria, despite the fall of Bashar al-Assad's regime and the retreat of the group's overt military presence in the country.

According to the report, the US government offers a reward of up to $10 million for information on Muhammad Qasim al-Bazzal, whom Washington describes as a Hezbollah financier accused of facilitating the transfer of Iranian oil revenues through Syria for the benefit of Hezbollah and the Islamic Revolutionary Guard Corps.

The report noted that the fall of the Assad regime largely ended the cover that allowed Hezbollah to operate militarily in Syria, after the group had deployed thousands of fighters and used Syrian territory as a corridor for transporting weapons, funds, and logistical support to Lebanon.

However, the foundation states that the reduction in military presence was not accompanied by the complete dismantling of the financial structure formed during the Assad era, noting that companies linked to financiers under US sanctions remain, according to records cited in the report, active in sectors including metals, batteries, agriculture, livestock, real estate, import-export, and investment.

The report specifically highlighted the Bazzal network, noting its previous association with companies accused by the US Treasury Department of participating in the transport of Iranian oil and circumventing sanctions.

The report identified eight companies whose ownership or management records reveal links to individuals or entities under sanctions, including "Al-Sanabel Al-Khadra," "Afaq for Livestock Development," "Rayana," "Najm Al-Sharq," "Riyada for Lead Manufacturing," "Rimas for Animal Feed," and "Al-Shu'a for Copper," in addition to "Al-Ahd for Trade and Investment," which was sanctioned by Washington in 2026.

The foundation pointed out that some of these companies hold broad licenses to engage in multiple commercial activities, even though their declared capital appears limited compared to the scale of business they are permitted to conduct. It considered these indicators to warrant further investigation, without constituting sole proof of every company's involvement in financing Hezbollah.

In contrast, the report noted actions taken by Syrian authorities against arms smuggling operations linked to the group, but argued that Damascus has not addressed the commercial and financial infrastructure dating back to the Assad era with the same momentum.

The foundation concluded that while Hezbollah's military presence in Syria has significantly declined, its financial networks have demonstrated, in its assessment, greater resilience, calling on Washington to investigate companies linked to these networks and pressure Damascus to strengthen counter-terrorism financing and anti-money laundering measures.

The foundation warned that reopening the Syrian economy without strict financial oversight could allow Hezbollah, according to its assessment, to preserve parts of its old financial structure and rebuild it in the future.

"Lebanon 24"