Iraqi General License - Section 575.533 Certain new transactions now authorized. (March 16, 2004)

Date issued: Mar. 16 2003

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TURBOFAC Commentary (337 words)

Notes:

1) This General License pertains to the now-repealed Iraqi Sanctions Regulations (ISR) (Part 575), which was a comprehensive embargo pertaining to Iraq, not the current Iraq Stabilization and Insurgency Sanctions Regulations (ISISR) (Part 576).

This GL amended the section of the ISR (575.533) which had the effect of lifting the vast majority of the comprehensive embargo against Iraq. 575.533 originally provided that all otherwise prohibited transactions were permitted, with the exception of, inter alia, transactions with "organizations determined by the Director of the Office of Foreign Assets Control to be included within § 575.306," which was the definition of "Government of Iraq" [1].

The purpose of this GL was to permit transactions a specified list of entities that were "determined by the Director of the Office of Foreign Assets Control to be included within...