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Despite OFAC Licenses, Banks Remain Hesitant on Transfers to Syria’s Opposition Groups
By Colby Adams
printThe emergence of jihadist units fighting in Syria against forces loyal to the government poses an immense challenge for banks utilizing U.S. Treasury Department licenses in the country, say sanctions experts. In addition to the over $183 million in non-lethal aid pledged by the United States to Syrian civilians and the Free Syrian Army, which announced its formation in July 2011, the department's Office of Foreign Assets Control (OFAC) issued general licenses permitting remittances for humanitarian aid, education and non-commercial development projects. In March, OFAC issued a separate general license authorizing U.S. persons to export services, including money, to approved...
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