Treasury Tightens Sanctions Against Libyan Banks

Law360, New York (June 21, 2011, 9:18 PM EDT) -- The U.S. Department of the Treasury's Office of Foreign Assets Control stepped up sanctions against the Libyan government Tuesday, a day after prohibiting transactions with 10 companies and three individuals involved with Iran's national shipping line.

The Libyan sanctions block business relationships with three state-owned banks and six other companies controlled by the government in an effort to further isolate Moammar Gadhafi's regime from international markets, according to a press release.

At the same time, OFAC Director Adam Szubin said in the release that the department...
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