Home > News & Events > Financial Institution Letters




Financial Institution Letters


FOREIGN ASSETS CONTROL ACT

FIL-39-2003
May 20, 2003

TO: CHIEF EXECUTIVE OFFICER (also of interest to BSA Officer)
SUBJECT: General Licenses Issued Under Iraqi Sanctions and Termination of Emergency in Unita
Summary: OFAC has issued a series of general licenses under the Iraqi sanctions regulations and has terminated the emergency with respect to Unita.

On May 7, 2003, the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a series of general licenses under the Iraqi sanctions regulations, including several impacting remittances and other banking services. A copy of the general licenses and an overview of the Iraqi Sanctions Regulations - Title 31 Part 575 of the U. S. Code of Federal Regulations are attached.

On the same day, the President of the United States terminated the emergency with respect to Unita, declared in Executive Order 12865 of September 26, 1993, and revoked Executive Orders 12865, 13069, and 13098. A copy of the termination is also attached.

Additional information about OFAC-related issues may be found on the Internet at www.treas.gov/offices/enforcement/ofac/.

Please distribute this information to the appropriate personnel in your institution. For further information about Executive Orders or control regulations, 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/news/financial/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.

Michael J. Zamorski
Director

Attachments: Iraqi Sanctions Regulations PDF (177 KB File - PDF Help or Hard Copy)

  Executive Order PDF (78 KB File - PDF Help or Hard Copy)

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).

Last Updated 05/20/2003 communications@fdic.gov