[Federal Register Volume 60, Number 46 (Thursday, March 9, 1995)]
[Rules and Regulations]
[Pages 12885-12886]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-5858]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 500
Foreign Assets Control Regulations; Unblocking of Vietnamese
Assets
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule.
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SUMMARY: Pursuant to the claims settlement agreement entered into on
January 28, 1995, between the Government of the United States and the
Government of the Socialist Republic of Vietnam, the Office of Foreign
Assets Control is unblocking assets in which Vietnam or a national
thereof has an interest, blocked pursuant to the Foreign Assets Control
Regulations.
EFFECTIVE DATE: March 6, 1995.
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 lifted the trade embargo
against Vietnam and authorized new financial and other transactions
with Vietnam and its nationals. Property blocked as of February 3,
1994, because of an interest therein of Vietnam or its nationals,
however, remained blocked pending a claims settlement agreement between
the two countries. On January 28, 1995, an agreement was reached
between the United States Government and the Government of the
Socialist Republic of Vietnam, in which Vietnam agreed to pay $208.5
million in settlement of outstanding U.S. private and government
claims, and providing that the remaining Vietnamese property be
unblocked. Accordingly, this rule amends the Foreign Assets Control
Regulations, 31 CFR part 500 (``FACR''), to unblock assets held in the
name of the Vietnamese Government or a national thereof on February 3,
1994.
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, Blocking of
assets, Cambodia, Exports, Fines and penalties, Finance, Foreign
investment in the United States, Foreign trade, [[Page 12886]] Imports,
Information and informational materials, International organizations,
North Korea, Reporting and recordkeeping requirements, Securities,
Services, Travel restrictions, Trusts and estates, 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. 5, as amended; 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 500.578 is revised to read as follows:
Sec. 500.578 Vietnamese property unblocked.
All transactions otherwise prohibited by this part which involve
property in which a designated national of Vietnam has an interest are
authorized.
Dated: February 22, 1995.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: February 23, 1995.
John Berry,
Deputy Assistant Secretary (Enforcement).
[FR Doc. 95-5858 Filed 3-6-95; 4:52 pm]
BILLING CODE 4810-25-F
