Blocking Property and Prohibiting Certain Transactions Related to Libya
Mar 2, 2011
Signed by: Barack Obama
Signed on: Feb 25, 2011
Published on: Mar 2, 2011
Mar 2, 2011
Signed by: Barack Obama
Signed on: Feb 25, 2011
Published on: Mar 2, 2011
Summary
Freezes the money and property of the Libyan leader and government to stop them from using it to harm the people of Libya.
What problem does this solve?
The Libyan government was using violence against its own people and was at risk of stealing state funds. This order freezes all U.S.-based assets of the Libyan government and its leaders to prevent this from happening.
What does this order do?
Blocks all property of the Libyan government
Freezes all assets in the U.S. belonging to the Government of Libya, its agencies, and the Central Bank of Libya.
Blocks property of specific individuals
Freezes the assets of Colonel Muammar Qadhafi, his children, and other senior officials or individuals involved in human rights abuses.
Authorizes adding more people to the sanctions list
Allows the Secretary of the Treasury to block the property of anyone determined to be a senior Libyan official, a child of Qadhafi, or involved in human rights abuses.
Prohibits donations
Bans making or receiving donations of funds, goods, or services to or from any person or group whose property is blocked.
Allows for blocking without prior notice
States that individuals can have their assets frozen without any warning, to prevent them from moving their money before the block takes effect.
Prohibits attempts to evade the order
Makes it illegal for any U.S. person to try to get around the rules in this order or help someone else violate them.
Who does this affect?
- Libyan government officials
- Colonel Muammar Qadhafi and his family
- U.S. persons and financial institutions holding Libyan assets
What is the real world impact?
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Protects Libyan state assets
Prevents the Libyan government and its leaders from misusing or stealing state funds that are held in the United States.
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Applies economic pressure on the Qadhafi regime
Aims to weaken the Libyan government's ability to fund its violent actions against civilians by cutting off its access to U.S. financial systems.
When does this start?
This order went into effect at 8:00 p.m. EST on February 25, 2011.