[Federal Register Volume 59, Number 213 (Friday, November 4, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27345]
[[Page Unknown]]
[Federal Register: November 4, 1994]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 565
Panamanian Transactions Regulations; Termination of Residual
Blocking of Government of Panama Assets
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule; amendment.
-----------------------------------------------------------------------
SUMMARY: The Office of Foreign Assets Control is amending the
Panamanian Transactions Regulations to terminate the residual blocking
of Government of Panama assets, effective November 4, 1994. This action
terminates the Panamanian program of the Office of Foreign Assets
Control. Authority to take enforcement action for sanctions violations
is not affected by this action.
EFFECTIVE DATE: November 4, 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, 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 or call 202/512-1530 for disks or paper copies. This
file is available in Postscript, WordPerfect 5.1 and ASCII.
Background
Executive Order 12710 of April 5, 1990, 3 CFR, 1990 Comp., p. 282,
terminated the national emergency declared on April 8, 1988, with
respect to Panama, and lifted sanctions imposed against the Noriega
regime. Pursuant to section 207(a)(2) of the International Emergency
Economic Powers Act, 50 U.S.C. 1706(a)(2), however, the order continued
the blocking of certain Government of Panama assets in the United
States, with the understanding of the Government of Panama, to
facilitate resolution of claims of U.S. persons. Because all such
claims known to the Office of Foreign Assets Control (``FAC'') and
arising prior to the lifting of sanctions have either been settled or
provided for by the Government of Panama, including its agencies,
instrumentalities, and controlled entities such as Air Panama, the
residual blocking has fulfilled its purpose. Therefore, FAC is revising
Sec. 565.510 of the Panamanian Transactions Regulations, 31 CFR part
565 (the ``Regulations''), to authorize, November 4, 1994, all
transactions otherwise prohibited by the Regulations with respect to
property and property interests in which the Government of Panama has
an interest.
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 565
Blocking of assets, Foreign claims, Panama, Penalties, Reporting
and recordkeeping requirements, Transfer of assets.
For the reasons set forth in the preamble, 31 CFR part 565 is
amended as follows:
PART 565--PANAMANIAN TRANSACTIONS REGULATIONS
1. The authority citation for part 565 continues to read as
follows:
Authority: 50 U.S.C. 1701-1706, E.O. 12635, 53 FR 12134 (April
12, 1988), 3 CFR, 1988 Comp., p. 563; E.O. 12710, 55 FR 13099 (April
6, 1990), 3 CFR, 1990 Comp., p. 282.
Subpart E--Licenses, Authorizations, and Statements of Licensing
Policy
2. The heading and text of Sec. 565.510 are revised to read as
follows:
Sec. 565.510 Government of Panama assets unblocked.
(a) Effective November 4, 1994, all transactions involving property
in which the Government of Panama has an interest that would otherwise
be prohibited by this part are authorized.
(b) Nothing in this section shall authorize transactions prior to
November 4, 1994, that were prohibited by this part when transacted.
Enforcement actions with respect to violations of this part are not
affected by this section.
Dated: October 11, 1994.
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
Approved: October 11, 1994.
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).
[FR Doc. 94-27345; Filed 11-3-94; 8:45 am]
BILLING CODE 4810-25-F
