Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) on July 1, 2011 released the following:
“On July 1, 2011, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued the new Libyan Sanctions Regulations, 31 CFR part 570, to implement Executive Order 13566 of February 25, 2011, “Blocking Property and Prohibiting Certain Transactions Related to Libya.” These regulations were published as a final rule at 76 FR 38562 (July 1, 2011). OFAC published the regulations in abbreviated form at this time but intends to supplement this part 570 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy. Effective July 1, the regulations replace and supersede General License Nos. 2 and 3, which have been available on, and are now being removed from, OFAC’s Web site. General License Nos. 1B, 4, and 5, as well as certain statements of licensing policy, are not being incorporated into the regulations at this time and remain available on OFAC’s Web site at http://www.treasury.gov/resource-center/sanctions/programs/pages/libya.aspx.”
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