[Federal Register Volume 59, Number 23 (Thursday, February 3, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2476]
[[Page Unknown]]
[Federal Register: February 3, 1994]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 550
Libyan Sanctions Regulations; Blocking of Offshore Foreign
Currency Deposits.
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule; amendments.
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SUMMARY: Consistent with action by the United Nations Security Council
calling upon member states to block certain financial assets of the
Government of Libya, and in order further to tighten the U.S. blocking
of Libyan governmental assets, the Office Foreign Assets Control is
amending the Libyan Sanctions Regulations to revoke a general license
that unblocked Libyan government deposits in currencies other than U.S.
dollars held abroad by U.S. persons.
EFFECTIVE DATE: January 31, 1994.
FOR FURTHER INFORMATION CONTACT: Dennis P. Wood, Chief of Compliance
(tel.: 202/622-2490), 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
The Office of Foreign Assets Control (``FAC'') is amending the
Libyan Sanctions Regulations, 31 CFR part 550 (the ``LSR''), to revoke
Sec. 550.516, which unblocked, by general license, deposits in
currencies other than U.S. dollars held by U.S. persons abroad, if
otherwise blocked under the LSR. FAC's amendment is consistent with
action by the United Nations Security Council in Resolution 883 of
November 11, 1993. The Security Council determined in that resolution
that the continued failure of the Government of Libya (``GOL'') to
demonstrate by concrete actions its renunciation of terrorism, and in
particular the GOL's continued failure to respond fully and effectively
to the requests and decisions of the Security Council in Resolutions
731 and 748, concerning the bombing of the Pan Am 103 and UTA 772
flights, constituted a threat to international peace and security.
Accordingly, Resolution 883 called upon member states, inter alia, to
freeze certain GOL financial assets in their territories, and to ensure
that their nationals did not make such funds or any other funds or
financial resources available to the GOL or any entity owned or
controlled by the GOL. In light of this resolution, FAC is revoking
Sec. 550.516 to eliminate an exception that had existed to the
comprehensive blocking of GOL property required by Executive Order
12544 of January 8, 1986 (3 CFR, 1986 Comp., p. 183) and by the LSR.
Because the LSR 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 550
Administrative practice and procedure, Banks, Banking, Blocking of
assets, Exports, Foreign investment, Foreign trade, Government of
Libya, Imports, Libya, Loans, Penalties, Reporting and recordkeeping
requirements, Securities, Services, Specially designated nationals,
Travel restrictions.
For the reasons set forth in the preamble, 31 CFR part 550 is
amended as follows:
PART 550--LIBYAN SANCTIONS REGULATIONS
1. The authority citation for part 550 continues to read as
follows:
Authority: 50 U.S.C. 1701-1706; 50 U.S.C. 1601-1651; 22 U.S.C.
287c; 49 U.S.C. App. 1514; 22 U.S.C. 2349aa-8 and 2349aa-9; 3 U.S.C.
301; E.O. 12543, 3 CFR, 1986 Comp., p. 181; E.O. 12544, 3 CFR, 1986
Comp., p. 183; E.O. 12801, 3 CFR, 1992 Comp. p. 294.
Subpart E--Licenses, Authorizations, and Statements of Licensing
Policy
Sec. 550.516 [Removed]
2. Section 550.516 is revoked and removed.
Dated: January 7, 1994.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: January 10, 1994.
John P. Simpson,
Deputy Assistant Secretary (Regulatory, Tariff and Trade Enforcement).
[FR Doc. 94-2476 Filed 1-31-94; 3:29 pm]
BILLING CODE 4810-25-F
