On October 1, 2003, the Department of the Treasury's Office of Foreign Assets Control (OFAC)
issued a new general license under the
Iraqi Sanctions Regulations
that pertains to
blocked claims by U.S. financial institutions. This license authorizes U.S. financial
institutions to transfer claims that were booked in the United States as of May 23, 2003,
against the government of Iraq for unpaid loans and other debts to their home offices or to
other foreign offices of the same institution. This license authorizes only the transfer of
claims and does not authorize the debiting of any blocked account. A copy of the general
license is attached.
Please distribute this information to the appropriate personnel in your institution. For further information about Executive Orders or blocked accounts, please call OFAC's Compliance Programs Division at 1-800-540-6322. For your reference, FDIC Financial Institution Letters may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2003/index.html . To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit http://www.fdic.gov/news/news/announcements/index.html .
Attachment: Iraqi Sanctions Regulations-PDF 47.4 k ( PDF Help ) Distribution: FDIC-Supervised Banks (Commercial and Savings) NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342, option 5, or (703) 562-2200). |
Notes