Iran and Libya Sanctions Act
Iran and Libya Sanctions Act: ILSA. A United States law adopted on 5 August 1996 for five years and extended in 2001 for another five years. The Act is intended to (a) help deny Iran and Libya revenues that could be used to finance international terrorism, (b) limit the flow of resources necessary to obtain weapons of mass destruction and (c) to put pressure on Libya to comply with a range of United Nations resolutions. It does this by allowing the President to impose sanctions on foreign companies that provide new investments over $US40 million for the development of petroleum resources in Iran or Libya. Possible sanctions include denial of export licences, prohibitions on loans or credits from United States financial institutions, prohibition on designation as a primary dealer for United States government debt instruments, denial of United States government procurement opportunities, and a ban on imports of the violating company. See also extraterritoriality.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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