A recent report by the UN Security Council's Panel of Experts has revealed that the Houthi movement, classified as a terrorist organization, is engaged in large-scale forgery of Yemeni currency and passports to fund its military operations and undermine the national economy.

In its annual report, published on October 31, 2024, the experts outlined that the Houthis have resorted to printing counterfeit currency in various countries and falsifying passports to facilitate the movement of their operatives. The panel warned of the serious implications these actions have for security and stability in Yemen and the wider region.

The report noted three attempts by the Houthis to illegally import counterfeit currency and passports, including a previous seizure of counterfeit bonds valued at 35 billion Yemeni rials and forged passports printed unlawfully abroad and smuggled into Yemen.

In August 2023, the panel reported that the Houthis attempted to print counterfeit currencies using a printing press in China. Further investigations revealed that an individual named "Mahmoud Said Hazam Al-Amari" contacted the aforementioned printing company, but he does not represent the Yemeni government; the passport bearing his name was issued by the Houthis in Sana'a.

Recently, the panel received information that Houthi authorities contacted a company in Indonesia to supply security paper, ink, and other materials for printing currency notes, bonds, stamps, and passports. Investigations indicated that neither the Central Bank of Yemen in Aden nor the Yemeni government had made any such requests to this company.

Sources claimed that the Houthis obtained blank passports printed by this company in 2016, although the panel could not verify the accuracy of these claims. Nevertheless, it was revealed that some individuals traveled abroad for military training using forged passports issued by the Houthis.

Additionally, the panel highlighted that on March 30, 2024, the Central Bank in Sana'a announced the issuance of 100 Yemeni rial coins, citing the replacement of damaged currency. Sources indicated that the Houthis managed to mint these coins locally due to their inability to print paper currency in Yemen.

The experts reported that the Houthis plan to issue more of these coins or paper currency to fund their military activities and establish their position as a power center with an independent economy.