OFAC Issues General License Reuthorizing Financial Transactions with "Palestinian Authority"
In order to implement the lifting of financial sanctions on the Palestinian Authority that were announced by the Secretary of State on Monday, the Treasury Department's Office of Foreign Assets Control (OFAC) today released General License No. 7. Effective immediately, the general license reauthorizes U.S. persons to engage in all transactions otherwise prohibited by the terrorism sanctions programs with the Palestinian Authority, which for purposes of the general license is specifically defined.
The text of General License No. 7 is reprinted below:
Transactions with the Palestinian Authority authorized.
(a) U.S. persons are authorized to engage in all transactions otherwise prohibited by 31 C.F.R. parts 594, 595, and 597 with the Palestinian Authority.
(b) For purposes of this General License only, the term “Palestinian Authority” means the Palestinian Authority government of Prime Minister Salam Fayyad and President Mahmoud Abbas, including all branches, ministries, offices, and agencies (independent or otherwise) thereof.