Late this past Friday, February 25, 2011, President Obama issued an Executive Order in response to the alleged extreme measures being taken against the people by the Government of Libya, by using weapons of war, mercenaries, and wanton violence against unarmed civilians. Due to the risk to the stability of Libya and the purported threat to the national security and foreign policy of the United States, President Obama declared a national emergency to deal with the current threat.
Specifically, the Order states that all property and interest in property in the United States or that may hereafter come within the possession or control of an individual in the United States from specific individuals within the Libyan Government are blocked and may not be transferred, paid, exported, withdrawn or otherwise dealt in. The Executive Order also blocks the transfer of property in the US which is owned by Muammar Qadhafi and the Qadhafi family, as well as any other persons determined to be responsible, complicit or to have assisted in the human rights abuses. Additionally, the Executive Order blocks all transfers of property and interest in the US in possession or control of the Government of Libya, its agencies, instrumentalities, controlled entities and the Central Bank of Libya.
Any transaction by a United States person within the United States that seeks to evade or avoid the prohibitions set forth in this Executive Order is strictly prohibited.
The United Nations has also imposed sanctions on Libyan authorities by issuing an arms embargo and freezing the assets of its leaders. The United Nations Security Council stated that the “widespread and systematic attacks currently taking place in the Libyan Arab Jamahiriya against the civilian population may amount to crimes against humanity.”
A copy of the executive order can be found at the White House website - http://www.whitehouse.gov/sites/default/files/2011libya.eo_.rel_.pdf