US Sanctions Uncover Billions of Dollars

March 7th, 2011

Financial Times

WASHINGTON – US banks uncovered billions of dollars that they were indirectly holding for Libya when Washington decided to freeze assets linked to the regime, according to US officials.

The sanctions, imposed by President Barack Obama just over a week ago, are so wide-ranging that they caught assets US banks were merely looking after on behalf of overseas banks in an arrangement called sub-custody.

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