OFAC Updates its List of Countries Supporting Terrorism

On May 18, 2009, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) issued a final rule in the Federal Register amending the Terrorism List Government Sanctions Regulations. 

The amendment removes Iraq, Libya, and North Korea from the list of countries designed as state sponsors of terrorism. Remaining on this list are Cuba, Iran, Sudan, and Syria. Except as authorized, U.S. companies may not engage in any financial transactions with the governments of those countries.