Continuing its series of works, releases, and research on the looting and destruction of various sectors of the Yemeni economy by the Houthi rebels, the "Regain Yemen" initiative has issued a report on the Houthi takeover of the currency exchange sector titled "Banking Sector is used as a tool of war."
The "Regain Yemen" initiative is a voluntary initiative to monitor and document Houthi crimes of looting and confisicating of public and private properties and to support and assist the affected individuals in reclaiming their rights.
The report focuses on the violations committed by the Houthis against exchange companies, the Houthization of the banking sector, and the number of licensed exchange companies in areas controlled by the Houthis. It also includes a blacklist that includes the most prominent Houthi exchange companies.
The report reveals that the Houthis have targeted exchange companies since the banking sector is governed by international rules and agreements for compliance. They have employed various methods to tighten their control over exchange companies and utilize them for their own benefit after the Houthis destroyed banks.
Furthermore, the militias have forced exchange companies, which were operational before the coup, to conduct their financial transactions without any international or local oversight. They have also assigned them financial tasks, including supplying dues, collecting taxes, disbursing salaries to militia members, and distributing cash assistance to their members and the families of their deceased members, among other tasks.
The "Regain Yemen" report states that the militias use exchange companies to distribute money and financial allocations to their leaders and all their affiliates. They collect hundreds of billions of Yemeni riyals annually from exchange companies in their controlled areas in exchange for taxes, zakat, license renewals, and government fees.
The militias also force exchange companies to hand over large sums of money to fund Houthi sectarian festivals and events all year around.
The report further indicates that the militias later established their own network and financial system away from the targeted companies, which subsequently faced persecution, harassment, abductions, looting, and extortion. The new Houthi network is used for financial transactions with Iranian-affiliated factions in the region, smuggling and transferring money, purchasing weapons, and banned goods.
The report highlights the continued support of the Houthis for their exchange companies and the undermining of the banking and financial sector, which threatens the collapse of the remaining pillars of the Yemeni economy Additionally, the ongoing breeding of Houthi-affiliated exchange companies helps them evade international scrutiny and contributes to the growth of terrorism financing and the continuation of the war.
The "Regain Yemen" initiative is a voluntary initiative to monitor and document Houthi crimes of looting and confisicating of public and private properties and to support and assist the affected individuals in reclaiming their rights.
The report focuses on the violations committed by the Houthis against exchange companies, the Houthization of the banking sector, and the number of licensed exchange companies in areas controlled by the Houthis. It also includes a blacklist that includes the most prominent Houthi exchange companies.
The report reveals that the Houthis have targeted exchange companies since the banking sector is governed by international rules and agreements for compliance. They have employed various methods to tighten their control over exchange companies and utilize them for their own benefit after the Houthis destroyed banks.
Furthermore, the militias have forced exchange companies, which were operational before the coup, to conduct their financial transactions without any international or local oversight. They have also assigned them financial tasks, including supplying dues, collecting taxes, disbursing salaries to militia members, and distributing cash assistance to their members and the families of their deceased members, among other tasks.
The "Regain Yemen" report states that the militias use exchange companies to distribute money and financial allocations to their leaders and all their affiliates. They collect hundreds of billions of Yemeni riyals annually from exchange companies in their controlled areas in exchange for taxes, zakat, license renewals, and government fees.
The militias also force exchange companies to hand over large sums of money to fund Houthi sectarian festivals and events all year around.
The report further indicates that the militias later established their own network and financial system away from the targeted companies, which subsequently faced persecution, harassment, abductions, looting, and extortion. The new Houthi network is used for financial transactions with Iranian-affiliated factions in the region, smuggling and transferring money, purchasing weapons, and banned goods.
The report highlights the continued support of the Houthis for their exchange companies and the undermining of the banking and financial sector, which threatens the collapse of the remaining pillars of the Yemeni economy Additionally, the ongoing breeding of Houthi-affiliated exchange companies helps them evade international scrutiny and contributes to the growth of terrorism financing and the continuation of the war.
