International Trade Law News /title <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" lang="en"> <meta name="verify-v1" content="6kFGcaEvnPNJ6heBYemQKQasNtyHRZrl1qGh38P0b6M=" /> <head> <title>International Trade Law News

« Home | Coalition for Excellence in Compliance Releases Re... » | OFAC Makes Significant Changes to Remaining U.S. S... » | Lessons Learned from Flowserve's BIS and OFAC Volu... » | DHL Express Hosting Export Compliance Program in C... » | Today's Sanctions, Export Controls and FCPA News a... » | International Trade Law News Marks Eighth Anniversary » | BIS Adds 15 Parties to Entity List; Justice Depart... » | Details of U.S. Antidumping and Countervailing Dut... » | OFAC Issues General Licenses to Export Food Produc... » | U.S. Senate Passes Bill Extending GSP Program and ... » 

December 18, 2011 

OFAC Issues General License Unblocking Most Remaining Blocked Libyan Government Property



Following Friday's decision by the United Nations Security Council to lift the sanctions on Libya's Central Bank, the Treasury Department's Office of Foreign Assets Control (OFAC) on Friday evening issued Libya GeneralLicense No. 11 (GL 11) unblocking all remaining blocked property and interests in property of the Government of Libya (including agencies, instrumentalities, and controlled entities) and the Central Bank of Libya, including the Libyan Arab Foreign Bank.

The only exception to OFAC's GL 11 is that all funds (including cash, securities, bank accounts, and investment accounts, and precious metals) of the Libyan Investment Authority (“LIA”) and entities owned or controlled by the LIA (including the Libyan Africa Investment Portfolio) remain blocked. 


While OFAC removed the LIA and Libyan Africa Investment Portfolio from the SDN List on November 18, 2011, OFAC did not unblock their assets because those entities still remain subject to United Nations sanctions. 

According to OFAC, GL 11 should lead to the unblocking of more than $30 billion in assets of the Government of Libya.  

Most Libyan Government funds and assets have now been unblocked by OFAC and few restrictions remain from the sanctions imposed by the U.S. on February 25, 2011. However, the assets of certain members of the previous Libyan regime and other persons added by OFAC to the SDN List under OFAC's Libya 2 sanctions program remain blocked. An updated list of the remaining Libya parties and entities that remain subject to the United Nations travel ban and assets freeze is provided below. 

Exports and reexports to Libya of U.S. origin products, software and technology are subject to the export controls administered by the Bureau of Industry and Security.


UN LIST OF LIBYA INDIVIDUALS AND ENTITIES (Dec. 16, 2011)

Labels: ,


Editor

Subscribe

Subscribe to our confidential mailing list

Mobile Version

Search Trade Law News

International Trade and Compliance Jobs

Jobs from Indeed

Archives

Categories

Disclaimer

  • This Site is presented for general informational purposes only and does not constitute legal advice. No attorney-client relationship is formed when you use this Site. Do not consider the Site to be a substitute for obtaining legal advice from a qualified attorney. The information on this Site may be changed without notice and is not guaranteed to be complete, correct or up-to-date. While we try to revise this Site on a regular basis, it may not reflect the most current legal developments. The opinions expressed on this Site are the opinions of the individual author.
  • The content on this Site may be reproduced and/or distributed in whole or in part, provided that its source is indicated as "International Trade Law News, www.tradelawnews.com".
  • ©2003-2015. All rights reserved.

Translate This Site


Powered by Blogger