Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
This page is no longer active. Its content has expired or been rescinded by the FDIC.
Financial Institution Letter

TO: CHIEF EXECUTIVE OFFICER (also of interest to BSA Compliance Officer)
SUBJECT: General License Issued Under Iraqi Sanctions Regulations
Summary: The Department of the Treasury's Office of Foreign Assets Control has issued a general license under the Iraqi sanctions regulations pertaining to blocked claims by U.S. financial institutions.

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.

OFAC has asked that we distribute this information to all FDIC-supervised institutions. OFAC information also may be found on the Internet at .

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 . To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit .

Michael J. Zamorski

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).

Last Updated: October 15, 2003