The US Treasury Department has announced joint sanctions by the Terrorist Financing Targeting Centre (TFTC) against five entities and 16 individuals it claims are linked to Hezbollah’s financial network, Al Jazeera reports.

The TFTC, a multilateral body co-chaired by the US and Saudi Arabia that includes Gulf Cooperation Council member states, has established coordinated measures to target the al-Qard al-Hassan Association, which the Treasury alleges masquerades as a non-governmental organisation while providing financial services similar to an unlicensed bank.

The actions also target Bayt al-Mal, described by US officials as the group’s unofficial treasury and investment arm.