License No. NPW-1028

Date issued: Jul. 01 2013

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TURBOFAC Commentary (114 words)

Notes:

1) As of 5-30-23, this is the only specific license on file authorizing the return of blocked letter of credit documents.

2) Note that, notwithstanding that there was a blocked person that had an interest in the letter of credit, the "License does not authorize the direct or indirect transfer of funds or services to or from any individual, entity, person or group whose property or interests in property are blocked..." This recognizes the distinction between dealing in property in which blocked persons have an interest (broader) and providing services to blocked persons (narrower). Refer generally to Notes Common to "Provision of services" and "Provision and receipt of services" Interpretive Provisions.