Finance & markets · 07/07/2003Updated: 10/17/2026 · 1 min read
Federal Reserve Bank of New York Account Subject to OFAC Prohibition
Summary
The Treasury Department's Office of Foreign Assets Control has determined that an account at the Federal Reserve Bank of New York, used to receive Iraqi petroleum contract proceeds, is subject to prohibitions under Executive Order 13303, issued on May 22, 2003, and any related judicial process is null and void.