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.
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.
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