belt
幋 centers on a belt, a strip of cloth worn around the waist. The meaning is specific to this accessory.
幋 combines 般 (which may contribute sound) with 巾 (cloth), suggesting a cloth item related to the sound ハン. The exact historical development is uncertain.
The top 般 looks like a boat or a general shape, and the bottom 巾 is cloth. Imagine a general's cloth belt wrapped around the waist: 幋 is a belt.
For ハン, picture a hand (ハン sounds like 'hand') fastening a cloth belt: hand -> ハン, and the belt is secured.