Federal Register / Vol. 59, No. 98 / Monday, May 23, 1994 / Rules and Regulations


VOL. 59, NO. 98

Monday, May 23, 1994


Office of Foreign Assets Control


31 CFR Part 500

Foreign Assets Control Regulations; Unblocking of Certain Bank Transfers Involving Vietnam
AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule; amendment.




SUMMARY: As an additional step in the normalization of relations with Vietnam, the Treasury Department is amending the Foreign Assets Control Regulations to authorize United States banking institutions to unblock certain funds which came into their possession or control through wire transfer instructions or check remittances received after December 31, 1989, in which Vietnam or a Vietnamese national has or has had an interest.

EFFECTIVE DATE: May 18, 1994.

FOR FURTHER INFORMATION CONTACT: Steven I. Pinter, Chief of Licensing (tel.: 202/622 - 2480), or William B. Hoffman, Chief Counsel (tel.: 202/622 - 2410), Office of Foreign Assets Control, Department of the Treasury, Washington, D.C. 20220.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document is available as an electronic file on The Federal Bulletin Board the day of publication in the Federal Register. By modem dial 202/512 - 1387 or call 202/512 - 1530 for disks or paper copies. This file is available in Postscript, WordPerfect 5.1 and ASCII.

Background

    Effective February 3, 1994, the Office of Foreign Assets Control authorized new transactions involving property in which Vietnam or its nationals have an interest, effectively lifting the embargo against that country for all new transactions. Property blocked at that time, however, remained blocked. The Foreign Assets Control Regulations, 31 CFR part 500 (the ``Regulations''), are being amended to add 500.579, which authorizes banking institutions subject to U.S. jurisdiction to unblock and return to the remitter certain funds that came into their possession or control through wire transfer instructions or check remittances received after December 31, 1989. This general license does not authorize the unblocking of funds in which Vietnam or a Vietnamese national has an interest that were blocked as of February 3, 1994, other than wire transfers and check remittances blocked after December 31, 1989, which are not being returned to the Government of Vietnam or persons in Vietnam. Nor does it affect enforcement actions involving prior violations of the Regulations.
    Because the Regulations involve a foreign affairs function, Executive Order 12866 and the provisions of the Administrative Procedure Act, 5 U.S.C. 553, requiring notice of proposed rulemaking, opportunity for public participation, and delay in effective date, are inapplicable. Because no notice of proposed rulemaking is required for this rule, the Regulatory Flexibility Act, 5 U.S.C. 601 - 612, does not apply.

List of Subjects in 31 CFR Part 500

    Administrative practice and procedure, Banks, Banking, Finance, Foreign investments in U.S., Foreign trade, International organizations, North Korea, Penalties, Reporting and recordkeeping requirements, Securities, Services, Telecommunications, Travel restrictions, Vietnam.

    For the reasons set forth in the preamble, 31 CFR part 500 is amended as set forth below:


PART 500--FOREIGN ASSETS CONTROL REGULATIONS

    1. The authority citation for part 500 continues to read as follows:

    Authority: 50 U.S.C. App. 1 - 44; E.O. 9193, 3 CFR, 1938 - 1943 Comp., p. 1174; E.O. 9989, 3 CFR 1943 - 1948 Comp., p. 748.

    2. Section 500.579 is added to subpart E to read as follows:

Subpart E--Licenses, Authorizations, and Statements of Licensing Policy


500.579 Authorization for release of certain blocked transfers by banking institutions subject to U.S. jurisdiction.

    Banking institutions subject to the jurisdiction of the United States are authorized to unblock and return to the remitting party funds that were blocked pursuant to this part because of an interest of Vietnam or a Vietnamese national and that came into their possession or control by wire transfer or check remittance received after December 31, 1989, provided that no funds are released to the Government of Vietnam or any person in Vietnam.

    Dated: May 5, 1994.
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
    Approved: May 9, 1994.
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).


[FR Doc. 94 - 12515 Filed 5 - 18 - 94; 2:10 pm]
BILLING CODE 4810 - 25 - F
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