[Federal Register Volume 75, Number 176 (Monday, September 13, 2010)]
[Rules and Regulations]
[Pages 55462-55463]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22548]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 575


Iraqi Sanctions Regulations

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule.

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[[Page 55463]]

SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (``OFAC'') is implementing Executive Order 13350 of July 29, 
2004, which terminated the national emergency declared with respect to 
Iraq in Executive Order 12722 of August 2, 1990, and revoked that and 
subsequent Executive orders, by removing the Iraqi Sanctions 
Regulations from the Code of Federal Regulations.

DATES: Effective Date: September 13, 2010.

FOR FURTHER INFORMATION CONTACT: Assistant Director for Compliance, 
Outreach & Implementation, tel.: 202/622-2490, Assistant Director for 
Licensing, tel.: 202/622-2480, Assistant Director for Policy, tel.: 
202/622-4855, or Chief Counsel (Foreign Assets Control), tel.: 202/622-
2410 (not toll free numbers).

SUPPLEMENTARY INFORMATION:

Electronic and Facsimile Availability

    This document and additional information concerning OFAC are 
available from OFAC's Web site (http://www.treas.gov/ofac). Certain 
general information pertaining to OFAC's sanctions programs also is 
available via facsimile through a 24-hour fax-on-demand service, tel.: 
202/622-0077.

Background

    As a result of the removal of the regime of Saddam Hussein and 
other developments in Iraq, the President issued Executive Order 13350 
on July 29, 2004 (69 FR 46055, July 30, 2004). Executive Order 13350 
terminated the national emergency declared with respect to Iraq in 
Executive Order 12722 of August 2, 1990. In addition, Executive Order 
13350 revoked Executive Order 12722, Executive Order 12724 of August 9, 
1990, Executive Order 12743 of January 18, 1991, Executive Order 12751 
of February 14, 1991, and Executive Order 12817 of October 21, 1992. 
These Executive orders were all in furtherance of the national 
emergency declared in Executive Order 12722.
    In Executive Order 12722, the President ordered the blocking of all 
property and interests in property that were in the United States or 
that came within the possession or control of United States persons, 
including overseas branches, of the Government of Iraq, its agencies, 
instrumentalities, and controlled entities, and the Central Bank of 
Iraq (55 FR 31803, August 3, 1990). Executive Order 12722 prohibited 
the importation of any goods or services of Iraqi origin into the 
United States and the exportation of any goods, technology, or services 
from the United States to Iraq. Executive Order 12722 also prohibited 
transactions relating to transportation and travel to or from Iraq by 
United States citizens or permanent resident aliens. The subsequent 
Executive orders took various additional steps with respect to the 
situation in Iraq.
    Section 207(a) of the International Emergency Economic Powers Act 
(``IEEPA'') (50 U.S.C. 1706(a)) contains a provision that allows the 
President to continue to prohibit transactions involving property in 
which a foreign country or national thereof has an interest after a 
national emergency has been terminated if the President determines that 
the continuation of such a prohibition with respect to that property is 
necessary on account of claims involving such country or its nationals. 
Pursuant to section 207(a) of IEEPA, the President determined in 
Section 1 of Executive Order 13350 that continuation of prohibitions 
with regard to transactions involving property blocked pursuant to 
Executive Orders 12722 or 12724 that continued to be blocked as of July 
30, 2004, was necessary on account of claims involving Iraq. The new 
Iraq Stabilization and Insurgency Sanctions Regulations, 31 CFR part 
576, include a general license unblocking all remaining property 
blocked pursuant to Section 1 of Executive Order 13350. See 31 CFR 
576.510.
    Please note that certain transactions relating to Iraq remain 
subject to the Iraq Stabilization and Insurgency Regulations, 31 CFR 
part 576, which implement Executive Order 13303 of May 22, 2003, 
Executive Order 13315 of August 28, 2003, Executive Order 13350 of July 
29, 2004, Executive Order 13364 of November 29, 2004, and Executive 
Order 13438 of July 17, 2007.
    Accordingly, OFAC is removing the Iraqi Sanctions Regulations (the 
``Regulations'') in 31 CFR part 575. The removal of part 575 from 31 
CFR chapter V does not affect ongoing enforcement proceedings or 
prevent the initiation of enforcement proceedings where the relevant 
statute of limitations has not run.

Executive Order 12866, Administrative Procedure Act, and Regulatory 
Flexibility Act

    Because the Regulations involve a foreign affairs function, the 
provisions of Executive Order 12866 and 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.

Paperwork Reduction Act

    The Paperwork Reduction Act does not apply because this rule does 
not impose information collection requirements that would require the 
approval of the Office of Management and Budget under 44 U.S.C. 3501 et 
seq.

List of Subjects in 31 CFR Part 575

    Administrative practice and procedure, Banks, Banking, Blocking of 
assets, Exports, Foreign trade, Imports, Iraq, Oil imports, Penalties, 
Petroleum, Petroleum products, Reporting and recordkeeping 
requirements, Specially designated nationals, Terrorism, Travel 
restrictions.

PART 575--[REMOVED]

0
Pursuant to 50 U.S.C. 1701 et seq. and Executive Order 13350, the 
Office of Foreign Assets Control amends 31 CFR chapter V by removing 
part 575 for the reasons set forth in the preamble.

    Dated: September 1, 2010.
Adam J. Szubin,
Director, Office of Foreign Assets Control, Department of the Treasury.

    Approved: September 2, 2010.
Stuart A. Levey,
Under Secretary, Office of Terrorism and Financial Intelligence, 
Department of the Treasury.
[FR Doc. 2010-22548 Filed 9-10-10; 8:45 am]
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