The US has taken economic sanctions against the Gaddafi regime

In another move to try and weaken the regime of Libyan ruler Colonel Muammar Gaddafi the US has issued economic sanctions against several banks in North Africa.

The American government has issued economic sanctions in an attempt to isolate the following banks: Arab Turkish Bank, North Africa International Bank, and North Africa Commercial Bank.

The director of the Treasury’s Office of Foreign Assets Control (OFAC), Adam Szubin said: “We are carefully monitoring Libyan-associated entities worldwide to ensure that they are not attempting to evade sanctions and assist the Qadhafi regime.”

These banks have processed commercial transactions on behalf of the Libyan Arab Foreign Bank which is owned or controlled by the Government of Libya.

OFAC has also blocked all property and interests in property of the Government of Libya and its agencies within US.

US persons are generally prohibited from engaging in any transactions involving a Libyan state-owned entity without authorisation from OFAC.

The Treasury identified the following nine entities as being owned or controlled by the Government of Libya:

• Arab Turkish Bank

• North Africa International Bank

• North Africa Commercial Bank

• General Company for Chemical Industries

• General National Maritime Transport Company.

• Ghana Libya Arab Holding Company

• Glahco Hotels And Tourism Development Company Limited

• Libyan Norwegian Fertiliser Company

• Pak-Libya Holding Company

• Lifting of Sanctions Against Former Libyan Oil Minister

OFAC removed sanctions against Libya’s former Oil Minister and former chairman of the National Oil Corporation of Libya, Shukri Mohammed Ghanem. Shukri Ghanem defected from the Gaddafi regime in May 2011.