[Federal Register Volume 59, Number 25 (Monday, February 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2738]
[[Page Unknown]]
[Federal Register: February 7, 1994]
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Part IV
Department of the Treasury
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Office of Foreign Assets Control
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31 CFR Part 500
Foreign Assets Control Regulations; Prospective Lifting of Vietnam
Embargo; Final Rule
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 500
Foreign Assets Control Regulations; Prospective Lifting of
Vietnam Embargo
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule; amendment.
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SUMMARY: Pursuant to the President's announcement at 5:05 p.m. Eastern
Standard Time, February 3, 1994, the Treasury Department is lifting
prospectively the embargo against Vietnam and authorizing new
financial, trade, and other transactions with Vietnam and Vietnamese
nationals. This final rule does not unblock assets within U.S.
jurisdiction blocked prior to this time, nor does it affect enforcement
actions with respect to prior violations of the embargo.
EFFECTIVE DATE: 5:05 p.m. Eastern Standard Time, February 3, 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 February 3, 1994, President Clinton stated that he was lifting
the trade embargo against Vietnam because he had determined that this
step offered the best way to resolve the fate of American prisoners of
war and missing in action. Accordingly, the Office of Foreign Assets
Control (``FAC'') is amending the Foreign Assets Control Regulations,
31 CFR part 500 (the ``FACR''), to add Sec. 500.578, authorizing new
transactions involving property in which Vietnam or its nationals have
an interest. The effect of this amendment is that transactions
involving such property coming within the jurisdiction of the United
States or into the possession or control of persons subject to the
jurisdiction of the United States after 5:05 p.m. E.S.T., February 3,
1994, or in which an interest of Vietnam or a national thereof arises
after that time, are authorized by general license. Newly authorized
transactions include, but are not limited to, importations from and
exportations to Vietnam (not otherwise restricted), new investment,
travel-related transactions and brokering transactions. Property
blocked as of 5:04 p.m. E.S.T., February 3, 1994, remains blocked.
Reports due under general or specific license must still be filed
covering activities prior to the effective date of this rule.
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, Foreign
investments in U.S., Foreign trade, Securities, 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 continues to read as
follows:
Authority: 50 U.S.C. App. 1-44; E.O. 9193, 3 CFR, 1938-1943
Comp., p. 1174; E.O. 9989, 3 CFR, 1943-1948 Comp., p. 748.
Subpart E--Licenses, Authorizations and Statements of Licensing
Policy
2. Section 500.578 is added to subpart E to read as follows:
Sec. 500.578 Authorization of new transactions concerning certain
Vietnamese property.
(a) Transactions involving property in which Vietnam or a national
thereof has an interest are authorized where:
(1) The property comes within the jurisdiction of the United States
or into the control or possession of a person subject to the
jurisdiction of the United States at or after 5:05 p.m. E.S.T.,
February 3, 1994; or
(2) The interest in the property of Vietnam or a Vietnamese
national arises at or after 5:05 p.m. E.S.T., February 3, 1994.
(b) Unless otherwise authorized by the Office of Foreign Assets
Control, all property and interests in property that were blocked
pursuant to subpart B of this part as of 5:04 p.m. E.S.T., February 3,
1994, and any income accruing thereon or proceeds arising therefrom,
remain blocked and subject to the prohibitions and requirements of this
part.
Dated: February 3, 1994.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: February 4, 1994.
John P. Simpson,
Deputy Assistant Secretary (Regulatory, Tariff & Trade Enforcement).
[FR Doc. 94-2963 Filed 2-4-94; 1:14 pm]
BILLING CODE 4810-25-F
[FR Doc. 94-2738 Filed 2-4-94; 8:45 am]
BILLING CODE 6450-01-U
