OFAC Publishes Libya General License 8A (Replaces GL 8)
On September 23, 2011, the Office of Foreign Assets Control issued General License No. 8A to replace and supersede General License No. 8 (dated September 19, 2011). GL No. 8A authorizes all transactions involving the Government of Libya, its agencies, instrumentalities, and controlled entities, and the Central Bank of Libya, provided that certain requirements are met.
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These requirements are (1) all funds, including cash, securities, bank accounts, and investment accounts, and precious metals blocked pursuant to Executive Order 13566 or the Libyan Sanctions Regulations as of September 19, 2011, remain blocked (except as provided in General License No. 7A, dated September 19, 2011); and (2) the transactions do not involve any persons listed in the Annex attached to General License 8A.
GL No. 8A also authorizes (as specified) transactions involving contracts that have been blocked pursuant to Executive Order 13566 because of an interest by the Government of Libya.
(See ITT's Online Archives 11091938, for BP summary of GL No. 8.)