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Barack Obama Extends Libyan Assets Freeze

WASHINGTON (CN) - President Barack Obama has extended for a year a freeze on assets belonging to deceased Libyan dictator Muammar Qadhafi and his cronies.

Executive Order 13566, issued on Feb. 25, 2011, froze all assets under U.S. jurisdiction belonging to members of Qadhafi family, senior members of his government, the security services, the armed services and anyone the Secretary of State determined had materially assisted the Qadhafi regime.

In a letter to Congressional leaders announcing the extension, Obama said that while the U.S. is winding down sanctions in response to positive changes in Libya, the danger remains that members of Qadhafi's family or the old regime could claim the frozen assets.

Executive orders automatically expire after a year unless the president determines, on an annual basis, that it is in the best interests of the nation to extend them for an additional year.


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