ECONOMIC AND COMMERCIAL SERVICES

Sanctions are Not an Impediment to
Investing in Liberia
UN and U.S. sanctions on Liberian diamonds and timber have been lifted.  Along with a general arms embargo, the only sanctions still in place affect some individuals who remain subject to travel bans and assets freezes maintained by the UN and by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). 

However, these individual designations in no way constitute an obstacle to doing business in Liberia.  These targeted sanctions focus on a handful of rogue international arms traffickers and close associates of former Liberian President Charles Taylor.  Specifically, OFAC regulations prohibit U.S. persons from engaging in any transaction involving the targeted individuals, unless otherwise authorized by OFAC.  Examples of prohibited transactions include importing, exporting, brokering, financing, and providing other financial services.  The list of targeted individuals may be found at http://www.treasury.gov/offices/enforcement/ofac/sdn/prgrmlst.txt.

As OFAC’s webpage about the “Former Liberian Regime of Charles Taylor” sanctions program notes, “These sanctions are not directed against the country of Liberia, the Government of Liberia, or the Central Bank of Liberia. They do not prohibit the provision of banking services to Liberia.” For more information see http://www.treas.gov/offices/enforcement/ofac/programs/liberia/liberia.pdf