Pan Am Flight 103 Accountability Act of 2011 - Directs the President to continue any federal investigative activities regarding the bombing of Pan Am flight 103 and any other terrorist attacks against U.S. citizens attributable to the government of Muammar Qaddafi.
Directs the President to: (1) urge the Transitional National Council (TNC) and any successor government of Libya to cooperate with such investigative activities, and (2) consider such cooperation when making decisions about U.S. assistance to the successor government.
Prohibits the President from distributing property confiscated from Muammar Qaddafi, his family, and the government of Libya to the TNC or any successor government of Libya until the President certifies to Congress that the TNC or successor government is cooperating with such investigative activities.
Exempts property distributions for humanitarian purposes from such restriction. Authorizes the President to waive such restriction if in the U.S. national interest.