[Federal Register Volume 63, Number 126 (Wednesday, July 1, 1998)]
[Rules and Regulations]
[Pages 35808-35809]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17539]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Parts 501, 515 and 560
Cuban Assets Control Regulations; Iranian Transactions
Regulations; Reporting and Procedures Regulations: Corrections
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Correction to final regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to final regulations
amending the Cuban Assets Control Regulations, published May 18, 1998
(63 FR 27349), the Iranian Transactions Regulations, published on
August 4, 1997 (62 FR 41851), and to the issuance of the Reporting and
Procedures Regulations, published on August 25, 1997 (62 FR 45098). The
regulations related to the prohibitions on travel-related transactions
in Cuba, the payment of awards and settlements relating to the Iran-
U.S. Claims Tribunal in The Hague, and to the consolidation and
standardization of information collection provisions administered by
the Office of Foreign Assets Control.
EFFECTIVE DATE: June 26, 1998.
FOR FURTHER INFORMATION CONTACT: Steven I. Pinter, Chief of Licensing
(tel.: 202/622-2480), David H. Harmon, Chief of Enforcement (tel.: 202/
622-2430), or William B. Hoffman, Chief Counsel (tel.: 202/622-2410),
Office of Foreign Assets Control, Department of the Treasury,
Washington, DC 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 and type ``/GO FAC,'' or call 202/512-1530 for
disk or paper copies. This file is available for downloading without
charge in WordPerfect 5.1, ASCII, and Adobe AcrobatR
readable (*.PDF) formats. For Internet access, the address for use with
the World Wide Web (Home Page), Telnet, or FTP protocol is:
fedbbs.access.gpo.gov. The document is also accessible for downloading
in ASCII format without charge from Treasury's Electronic Library
(``TEL'') in the ``Business, Trade and Labor Mall'' of the FedWorld
bulletin board. By modem, dial 703/321-3339, and select self-expanding
file ``T11FR00.EXE'' in TEL. For Internet access, use one of the
following protocols: Telnet = fedworld.gov (192.239.93.3); World Wide
Web (Home Page) = http://www.fedworld.gov; FTP = ftp.fedworld.gov
(192.239.92.205). Additional information concerning the programs of the
Office of Foreign Assets Control is available for downloading from the
Office's Internet Home Page: http://www.ustreas.gov/treasury/services/
fac/fac.html, or in fax form through the Office's 24-hour fax-on-demand
service: call 202/622-0077 using a fax machine, fax modem, or (within
the United States) a touch-tone telephone.
Background
The final regulations that are the subject of these corrections
amended the Cuban Assets Control Regulations, 31 CFR part 515 (the
``CACR''), the Iranian Transactions Regulations, 31 CFR part 560 (the
``ITR''), and the Reporting and Procedures Regulations, 31 CFR part 501
(the ``RPR'').
The CACR were amended to indicate the existence of a presumption
that persons subject to U.S. jurisdiction who have traveled to Cuba
without the authority of a general or specific license have necessarily
engaged in prohibited travel-related transactions. This presumption is
subject to rebuttal upon presentation of a statement, signed by the
traveler and accompanied by appropriate supporting documentation, that
(1) no transactions were entered into, or (2) the travel was fully
hosted by a person or persons not subject to the jurisdiction of the
United States and was not in exchange for services provided in Cuba or
elsewhere.
The ITR were amended to authorize by general license the payment of
awards against Iran issued by the Iran-U.S. Claims Tribunal in The
Hague, and implementation (other that certain exports and reexports)
and payment of awards and settlements to which the United States
Government is a party. The final rule also authorized by general
license the provision of certain legal services to the Government of
Iran and persons in Iran.
Finally, the RPR consolidated and standardized in a single part
common provisions on collections of information and procedures in
existing regulations administered by the Office of Foreign Assets
Control. This final rule included an initial and annual requirement to
report on blocked assets or retained funds transfers -- as well as
periodic reports on funds transfers rejected by U.S. financial
institutions -- for administrative and foreign policy formulation
purposes. The rule also required reports on U.S. litigation and other
dispute resolution proceedings where the proceedings may affect blocked
assets or funds retained by banks that have stopped violative
transfers. In addition, new procedures were set forth for persons
seeking the unblocking of funds they believe have been blocked due to
mistaken identity, or seeking administrative review of their
designation or that of a vessel as blocked. In addition, the reporting
requirements and licensing and other procedures of the new part are
made applicable to transactions that have become subject to economic
sanctions programs for which implementation and administration are
delegated to the Office of Foreign Assets Control.
Need for Correction
As published, the final regulations contain errors which may prove
to be misleading and are in need of clarification.
Correction of Publication
Accordingly, the final regulations are corrected as follows:
1. The publication on May 18, 1998, which was the subject of FR
Doc. 98-13120 amending the Cuban Assets Control Regulations, is
corrected as follows. On page 27351, in the second column, amendatory
instruction 2 is corrected to read: ``2. Paragraph (g) of Sec. 515.560
is revised to read as follows:''.
2. The publication on August 4, 1997, which was the subject of FR
Doc. 97-20447 amending the Iranian Transactions Regulations, is
corrected as follows. On page 41852 in the third column, amendatory
instruction 3 is corrected to read: ``3. The introductory text of
paragraph (a) and paragraphs (a)(3) and (a)(5)(i) of Sec. 560.525 are
revised to read as follows:''.
[[Page 35809]]
3. The publication of August 25, 1997, which was the subject of FR
Doc. 97-22378 issuing the Reporting and Procedures Regulations, is
corrected as follows. On page 45104 in the third column, Sec. 501.803
is corrected to read as follows:
Sec. 501.803 Amendment, modification, or revocation.
Except as otherwise provided by law, the provisions of each part of
this chapter and any rulings, licenses (whether general or specific),
authorizations, instructions, orders, or forms issued thereunder may be
amended, modified or revoked at any time.
Dated: June 26, 1998.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: June 26, 1998.
Elisabeth Bresse,
Acting Assistant Secretary (Enforcement).
[FR Doc. 98-17539 Filed 6-30-98; 4:04 pm]
BILLING CODE 4810-25-F
