On June 21st, the Treasury Department's Office of Foreign Assets Control ("OFAC") took a series of actions to further tighten United States sanctions against the government of Libya and lifted sanctions against a former senior Libyan government official who has defected. OFAC revoked General License No. 1A and issued General License No. 1B in its place to specifically exclude three banks, Arab Turkish Bank, North Africa International Bank, and North Africa Commercial Bank, from the authorizations in the license. With the exception of these three banks, General License No. 1B continues to authorize transactions involving banks that are owned or controlled by the government of Libya and organized under the laws of a country other than Libya provided that the transactions do not otherwise benefit the Qadhafi regime or any other person whose property and interests in property are blocked. OFAC also identified nine companies, including Arab Turkish Bank, North Africa International Bank, and North Africa Commercial Bank, as subject to sanctions for being owned or controlled by the government of Libya. Treasury Department Press Release.