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U.S. Treasury Secretary John Snow today announced that the United Statesis suspending aspects of the Iraqi sanctions regime to permit the export of vital humanitarian goods and services and cash remittances from individuals in theU.S.to Iraqis.
“The easing ofU.S.sanctions will bring much needed aid and humanitarian relief to the Iraqi people as they begin the process of rebuilding their lives after more than two decades of brutal dictatorship,” Secretary Snow stated.
At the direction of Secretary Snow, the Treasury Department’s Office of Foreign Assets Control (OFAC) has issued four new general licenses that permit transactions important to the humanitarian needs of the Iraqi people without prior U.S. Government authorization.
Under the new rules, individuals in the U.S. may send remittances of up to $500 per month to any person in Iraq for non-commercial humanitarian purposes, such as money to support friends, loved ones, or others in need in Iraq.Also, all activities funded by theU.S.government in support of humanitarian assistance or reconstruction efforts inIraqnecessary to fulfill obligations under international law to provide for the welfare and security of the Iraqi people are permitted by the licenses.Private humanitarian activities, conducted by anyU.S.person or organization, and more liberalized exportation of humanitarian related goods are also permitted so long as the U.N. Sanctions Committee is given notice, through the U.S. State Department, and an opportunity to object.
However, the export of certain goods, controlled for export toIraqfor national security purposes, will require a specific license and all frozen assets of Iraqi entities remain frozen.Regulations governing trade or travel withIraqadministered by other federal agencies are not affected by this action.
U.S.sanctions againstIraqwere first established by President George H.W. Bush onAugust 2, 1990under Executive Order 12722.Additional restrictions were put in place by the Iraq Sanctions Act, which was passed by Congress shortly after President Bush’s executive order and became effectiveNovember 5, 1990.
As the reconstruction of Iraq gets underway, these licenses will allow the flow of goods and services vital to the reconstruction process and will help meet the humanitarian needs of the Iraqi people as they begin their new lives in freedom.
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