Recent OFAC Actions
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The White House has announced and OFAC has issued a new General
License with respect to Libya. Note 550.575(c) below. Implementation
information will be forthcoming on the effective date. The
General License, while signed and announced today, will take
effect on the date listed in 550.575(c).
OFFICE OF FOREIGN ASSETS CONTROL
LIBYAN SANCTIONS REGULATIONS
31 CFR PART 550
GENERAL LICENSE
(Granted under the authority of 50 U.S.C. 1701-06, 22 U.S.C.
2349aa-8 and 2349aa-9, 22 U.S.C. 287c, Executive Orders 12543,
12544 and 12801, and 31 C.F.R. Parts 501 and 550.)
Section 550.575 New transactions authorized.
(a) General License. Except as provided in paragraph (b)
of this section, on or after the effective date of this section,
all transactions that are otherwise prohibited by subpart
B of this part are authorized.
Note to Section 550.575(a): This authorization does not
eliminate the need to comply with other provisions of 31 C.F.R.
chapter V, or with other applicable provisions of law, including
any aviation, financial or trade requirements of agencies
other than the Department of the Treasury's Office of Foreign
Assets Control. Such requirements include the Export Administration
Regulations, 15 C.F.R. parts 730 et seq., administered by
the Bureau of Industry and Security of the Department of Commerce,
and the International Traffic in Arms Regulations, 22 C.F.R.
parts 120-130, administered by the Department of State.
(b) Continued Blocking, Special Provisions for Certain Exports,
and Prohibited Transportation-Related Transactions.
(1) All property and interests in property that were blocked
pursuant to subpart B of this part as of the effective date
of this section remain blocked and subject to the prohibitions
and requirements of this part.
(2) The exportation of goods, software or technology (including
technical data or other information) to Libya from the United
States is hereby authorized, provided that the exportation
is licensed or otherwise authorized by the Department of Commerce
under the Export Administration Regulations, 15 C.F.R. parts
730 et seq.
(3) Except as expressly authorized by Section 550.574, all
transactions prohibited by Section 550.203 of this part, including,
but not limited to, flights to or from Libya by U.S. air carriers,
code-sharing involving flights to or from Libya, and flights
to or from the United States by Libyan air carriers, remain
prohibited.
(c) Effective date. This section is effective on the date
that the Federal Register publishes the Department of Commerce,
Bureau of Industry and Security's "Revision of Export
and Reexport Restrictions on Libya."
Issued by direction and on behalf of the Secretary of the
Treasury:
OFFICE OF FOREIGN ASSETS CONTROL
By R. Richard Newcomb, Director
Dated: April 23, 2004
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