Recent OFAC Actions
On March 4, 2011, OFAC issued General License No. 1A pursuant to Executive Order 13566 of February 25, 2011, "Blocking Property and Prohibiting Certain Transactions Related to Libya." General License No. 1, which was issued on February 25, 2011, under the new Libyan sanctions program, has been replaced and superseded in its entirety by General License No. 1A, which clarifies the scope of the authorization for transactions related to third-country Libyan-owned or controlled banks. General License No. 1A authorizes all transactions involving banks that are owned or controlled by the Government of Libya and organized under the laws of a country other than Libya, provided the transactions do not otherwise involve the Government of Libya or any person whose property and interests in property are blocked.
9/19/2011 12:36 PM