What 31 CFR Part 570 (Libyan Sanctions Regulations) - OFAC Blocking, Licensing and Reporting requires
31 CFR Part 570, the Libyan Sanctions Regulations, implements the U.S. sanctions with respect to Libya administered by the Office of Foreign Assets Control under Executive Order 13566 (76 FR 11315) and Executive Order 13726 (81 FR 23559). All property and interests in property of persons designated under the program that are in the United States or in the possession or control of a U.S. person are blocked and may not be transferred, paid, exported, withdrawn or otherwise dealt in, and U.S. persons are prohibited from engaging in transactions or dealings in blocked property or by, to or for the benefit of a blocked person except as authorized. Consistent with OFAC's 50 Percent Rule, an entity owned 50 percent or more, directly or indirectly, in the aggregate by one or more blocked persons is itself blocked. Transactions that would otherwise be prohibited require an OFAC general or specific license, and payments otherwise due to a blocked person must be placed in a blocked account in a U.S. financial institution. U.S. persons must report blocked property and rejected transactions to OFAC within 10 business days and file the annual report of blocked property, must maintain full records for at least five years, and are subject to civil and criminal penalties under the International Emergency Economic Powers Act for violations.
Pillar: Financial Crime, AML & Sanctions · Authority: US Department of the Treasury Office of Foreign Assets Control (OFAC) · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-570
SHA-256 integrity: 4534d004fa3c7853cfbac0a9629c239a9f811c2e2e2266745746196c5e6f3549
Primary Citations — 8 traced to source
- Executive Order 13566 (76 FR 11315) and Executive Order 13726 (81 FR 23559) - blocking property and prohibiting transactions with respect to Libya
- International Emergency Economic Powers Act, 50 U.S.C. 1701-1708 - statutory authority and penalties (50 U.S.C. 1705)
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