Hezbollah’s “Financial Pyramid”


By: LCDR Stipe Skelin, HRV Navy (CSAG/CCJ5); LTC Rene Berendsen, NLD Army (CSAG/CCJ5); LTC Richard Pecinka, CZE AF (CSAG/CCJ5); and MAJ Mihai-Florin Girboan, ROU Army (CSAG/CCJ5)

6 April 2023

Subject: Hezbollah’s “Financial Pyramid”

Purpose: This paper is the third in a series about Hezbollah. The aim is to present the results of the CSAG’s analysis of the principle of “following Hezbollah’s money”. It reveals Hezbollah’s financial activities in the region and worldwide, with possible implications for the US/CENTCOM.

Read the complete paper here.


View other USCENTCOM Combined Strategic Analysis Group (CSAG) Information Papers here.

View all CSAG Papers here.

The opinions and conclusions expressed herein are those of a number of international officers within the Combined Strategic Analysis Group (CSAG) and do not necessarily reflect the views of United States Central Command, not of the nations represented within the CSAG or any other governmental agency.