OFAC General License Clarifies Scope of Transactions With 3rd-Country Libyan Banks
The Office of Foreign Assets Control has issued General License No. 1A pursuant to Executive Order 13566. General License No. 1 has been replaced and superseded in its entirety by General License No. 1A, which clarifies the scope of the…
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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. (See ITT's Online Archives or 02/28/11 news, 11022855, for BP summary of OFAC's issuance of General License No. 1.)