The move on Friday means that those assets will become unfrozen and Americans will be allowed to engage in financial transactions with the former Taylor associates.
Among those removed from the sanctions list were Taylor's ex-wives, Jewell Howard Taylor, Tupee Enid Taylor and Agnes Reeves-Taylor. The former chairman of Taylor's political party will also have his assets unfrozen, as will additional advisers and diplomatic emissaries.
Jewell Howard Taylor, who divorced Taylor in 2006, is currently a politician in Liberia. Last year she told the BBC that the sanctions made her feel like a “fish in a small bowl.”
Charles Taylor has been accused of rape, murder and recruitment of child soldiers during Sierra Leone's civil war in the 1990s, in which an estimated 50,000 people were killed. In May 2012, he was convicted by the international criminal court at The Hague, Netherlands, of aiding war crimes.
Taylor, who was sentenced to 50 years in prison, was the first former head of state convicted by an international court since the Nuremberg trials after World War II.