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. In a 4-page executive order, the White House also directed U.S. officials to freeze the assets of anyone involved in the purported misappropriation of Libya's natural resources, including activities related to the illicit production, refinement, sale, purchase and export of crude oil from the Mediterranean country. Issuance of the order coincided with the introduction of sanctions by the U.S. Office of Foreign Assets Control (OFAC) against Khalifa...
U.S. bank restrictions have exacerbated the troubles of Somali money services businesses to the point that companies and individuals alike are resorting to complex workarounds to send money to the East African nation.
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. 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.
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?