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OFAC Lifts Sanctions on Government of Libya

Tuesday, December 20, 2011
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Office of Foreign Assets Control issued Dec. 16 General License No. 11, which unblocks more than $30 billion in assets of the government of Libya that were frozen earlier his year as part of comprehensive financial sanctions imposed in response to the Qadhafi regime’s attacks on its citizens. According to OFAC, GL 11 is “a clear statement to financial institutions” that as a matter of U.S. law, assets of the government of Libya, the Central Bank of Libya and Libyan Arab Foreign Bank are no longer blocked and can be made available for access by the Libyan authorities. More specifically, GL 11 unblocks all property and interests in property of the government, the central bank and all Libyan government agencies, instrumentalities and controlled entities. Funds of the Libyan Investment Authority and entities owned or controlled by the LIA that were blocked as of Sept. 19, 2011, remain blocked.

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