OFAC Removes Iraqi Trading, Property Sanctions

Law360, New York (September 15, 2010, 6:28 PM EDT) -- The U.S. Department of the Treasury has lifted sanctions on Iraq that had imposed trading and travel barriers on the country since the first Gulf War.

The department's Office of Foreign Assets Control announced Monday that it was implementing Executive Order 13350 of July 29, 2004, which terminated the national emergency declared by Executive Order 12722 of Aug. 2, 1990.

The termination order could have been implemented after Saddam Hussein's regime was removed. But President Bush decided to leave it standing, using a provision in the...
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