by Sundar J.M. Brown
General License No. 1, issued by The United States Department of the Treasury on 25 February, 2011, has been superseded by General License No. 1A.
General License No. 1 authorized transactions with financial institutions owned or controlled by the Government of Libya that are organized under the laws of a country other than Libya.
General License No. 1A revokes General License No. 1, and:
- narrows the scope of those transactions from “financial institutions” to only “banks.”
- broadens the scope of those transactions from “transactions with” to “transactions involving” said banks.
- stipulates that any transactions involving said banks cannot diretly or indirectly involve or benefit the Government of Libya and associated entities.