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Federal R eserve Bank
OF DALLAS
ROBERT
AND

D. M c T E E R , J R .

pres'oent
CH IE F E X EC U TIV E

30, 1991
December

dallas,texas 75222

OFFICER

Notice 91-110
TO:

The Chief Executive Officer of each
member bank and others concerned in
the Eleventh Federal Reserve District
SUBJECT
Libyan Sanctions
DETAILS

Effective December 19, 1991, the Department of the Treasury has
revoked section 550.514 of the Libyan Sanctions Regulations, 31 CFR 550. This
section permitted transfers to the Government of Libya between offshore thirdcountry banks to be cleared through domestic banks in the United States. A
list of Specially Designated Nationals of Libyan was provided earlier this
year with this B a n k ’s Notice91-42.
As of the effective date, funds in which there is a Libyan Govern­
ment interest which come into the possession of a financial institution are
blocked by operation of law regardless of the origin or destination of the
funds transfer unless such transfer is licensed by the Office of Foreign
Assets Control. Any unlicensed transfer involving a direct or indirect
interest of the Government of Libya (including any transfer destined for
routing to persons or companies in Libya through a Libyan Government-controlled financial institution), for which a financial institution holds or
receives
instructions, is to be deposited into a blocked account.
Every financial institution receiving funds is required to file
report with the Compliance Programs section of the Office of Foreign Assets
Control by teletransmission to facsimile number 202) 377- 7222, no later than
(
the close of business on January2, 1992, summarizing all funds blocked based
on this regulatory change between December , 1991 and December 31, 1991.
19

a

MORE INFORMATION
For more information, please contact Dennis P. Wood or Lorraine
B.
Lawlor at (202) 535-9449. For additional copies of this B a n k ’s notice, please
contact the Public Affairs Department at(214) 651-6289.
Sincerely yours,

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas:
Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162,
Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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