[Federal Register Volume 59, Number 226 (Friday, November 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29111]
[[Page Unknown]]
[Federal Register: November 25, 1994]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 500
Foreign Assets Control Regulations; Unblocking of Cambodian
Assets
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: Pursuant to the settlement agreement entered into on October
6, 1994, between the Government of the United States and the Royal
Cambodian Government, the Office of Foreign Assets Control is
unblocking assets in which Cambodia or a national thereof has an
interest, blocked pursuant to the Foreign Assets Control Regulations.
EFFECTIVE DATE: November 25, 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
On January 3, 1992, former President Bush lifted the trade embargo
against Cambodia and authorized new financial and other transactions
with Cambodia and its nationals. Property blocked as of January 2,
1994, because of an interest therein of Cambodia or its nationals,
however, remained blocked pending a settlement agreement between the
two countries. On October 6, 1994, a settlement was reached between the
United States Government and the Royal Cambodian Government, providing
that Cambodian property be unblocked. Accordingly, this rule amends
Sec. 500.570 of the Foreign Assets Control Regulations, 31 CFR part
500, to unblock assets in which there is an interest of Cambodia or a
national thereof effective November 25, 1994, with the exception of
funds blocked in the name of the Exchange Support Fund for the Khmer
Republic (the ``ESF''). ESF funds, representing contributions of
various countries to assist in financing Cambodia's foreign exchange
costs of imports and related services, will be unblocked in
coordination with the various donor countries.
The authorization in Sec. 500.570 does not excuse compliance with
any applicable provision of law, nor compliance with reporting
requirements imposed by general or specific licenses with respect to
transactions prior to November 25, 1994. Further, the amendment does
not affect penalty or enforcement proceedings with respect to
violations of part 500 arising prior to that date.
Because the FACR 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, Cambodia,
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 follows:
PART 500--FOREIGN ASSETS CONTROL REGULATIONS
1. The authority citation for part 500 is revised to read as
follows:
Authority: 50 U.S.C. App. Secs. 1-44; E.O. 9193, 7 FR 5205, 3
CFR, 1938-1943 Comp. p. 1174; E.O. 9989, 13 FR 4891, 3 CFR, 1943-
1948 Comp., p. 748.
Subpart E--Licenses, Authorizations, and Statements of Licensing
Policy
2. Section 500.570 is revised to read as follows:
Sec. 500.570 Cambodian property unblocked.
All transactions otherwise prohibited by this part which involve
property in which Cambodia or a national thereof has an interest, other
than property blocked in the name of the Exchange Support Fund for the
Khmer Republic, are authorized.
Dated: November 1, 1994.
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
Approved: November 7, 1994.
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).
[FR Doc. 94-29111 Filed 11-23-94; 8:45 am]
BILLING CODE 4810-25-F
