The U.S. Treasury Department Tuesday sanctioned three more Libyan banks, bringing to a dozen the number of financial institutions cut off from the U.S. financial system since Libya was first targeted for economic sanctions at the end of February. The Office of Foreign Assets Control added Arab Turkish Bank, North Africa International Bank, based in Tunisia, and the Lebanon-based North Africa Commercial Bank to its sanctions list, citing ties to parent company Libyan Arab Foreign Bank, which was blacklisted March 15 along with eight other Libyan banks. The actions by the U.S. government make it clear that crippling the country's...
President Obama on Tuesday authorized sanctions powers against groups and individuals deemed to have threatened or coerced state-run financial institutions in Libya or undermined the country's U.N.-backed leadership, the Government of National Authority.
The U.S. Treasury Department's sanctions enforcement arm has been increasingly looking at the compliance programs of banks that confuse transactional rejection and blocking orders, an official said Thursday.
U.S. financial institutions may be left to sort out the ultimate destination of billions of dollars in Libyan assets frozen in February in retaliation for the African government's brutal crackdown on protestors.
The U.S. and Europe issue new sanctions against Iran and Libya, Transparency International calls on Kenya to implement anti-money laundering legislation pending since 2009, and more, in this week's roundup.
A White House executive order issued late Friday in response to violence in Libya called on financial institutions to freeze the assets tied to the North African nation's government, but failed to specify one thing: how were compliance officers to know which accounts to block?