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U.S. Further Eases Libya Sanctions

Thursday, November 24, 2011
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Office of Foreign Assets Control has further eased the sanctions imposed against Libya earlier this year by removing from the list of Specially Designated Nationals and Blocked Persons the names of 42 entities that are listed pursuant to Executive Order 13566. As a result, U.S. entities are now authorized to conduct prospective transactions with these 42 entities pursuant to General License No. 8A, which authorizes as of Sep. 19 prospective transactions involving the Libyan government, its agencies, instrumentalities and controlled entities, as well as the Central Bank of Libya. Funds, including cash, securities, bank accounts, investment accounts and precious metals, that were blocked pursuant to E.O. 13566 as of Sep. 19 continue to remain blocked except as otherwise authorized by OFAC.

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