Muammar Gadhafi Placed on OFAC SDN List; $30 Billion Located and Frozen

Last Friday, the White House announced Muammar Gadhafi has been placed on the OFAC SDN List. As of today, OFAC has located and frozen at least $30 billion in Libyan assets as it seeks to deprive leader Muammar Gadhafi of access to government and personal accounts.

President Obama singed into effect an Executive Order blocking property and prohibiting certain transactions related to Libya. The E.O. targets Gadhafi, senior government officials, Gadhafi’s children, material supporters of the Government of Libya and the Central Bank of Libya.

Over the weekend, the United Nations unanimously approved a resolution sanctioning Libya, and the U.K. announced its own measures following the U.N. guidelines. Monday morning, the European Union announced its own measures that extended the U.N. sanctions to 20 additional individuals.

The U.S. and international sanctions are a direct financial attack against Gadhafi and his supporters, clearly indicating the concern regarding the current regime and the effort to sever Gadhafi from his financial assets.

Douglas McNabb and other members of the firm practice and write extensively on matters involving Federal Criminal Defense, INTERPOL Litigation, International Extradition and OFAC SDN Litigation.

The author of this blog is Douglas McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.

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