OFAC Blocks 9 Entities, Excludes 3 Banks from Libya Authorization
The Office of Foreign Assets Control has issued General License No. 1B under Executive Order 13566, which amends General License No. 1A to exclude Arab Turkish Bank, North Africa International Bank, and North Africa Commercial Bank from the scope of the authorization. General License No. 1A authorized 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, under certain conditions. General License 1B is available here. (See ITT's Online Archives or 03/07/11 news, 11030747, for BP summary of General License No. 1A.)
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OFAC also announces that the three banks and the following six companies owned by the Government of Libya are subject to sanctions pursuant to EO 13566, thereby blocking all property and interests in property within U.S. jurisdiction of these companies, and prohibiting U.S. persons from engaging in business with them:
- General Company for Chemical Industries of Libya
- General National Maritime Transport Company of Libya
- Ghana Libya Arab Holding Company of Libya
- Glahco Hotels And Tourism Development Company Limited (Golden Tulip Accra) of Ghana
- Libyan Norwegian Fertiliser Company of Libya
- Pak-Libya Holding Company of Pakistan