[Federal Register Volume 61, Number 96 (Thursday, May 16, 1996)]
[Rules and Regulations]
[Pages 24696-24697]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12227]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 585
Federal Republic of Yugoslavia (Serbia and Montenegro) and
Bosnian Serb-Controlled Areas of the Republic of Bosnia and Herzegovina
Sanctions Regulations; Suspension of Sanctions Against the Bosnian
Serbs
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule; amendments.
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SUMMARY: This rule amends the Federal Republic of Yugoslavia (Serbia
and Montenegro) and Bosnian Serb-Controlled Areas of the Republic of
Bosnia and Herzegovina Sanctions Regulations to authorize prospectively
all transactions with respect to property and interests in property of
the Bosnian Serb forces and authorities and any dealing by U.S. persons
relating to trade with or in, and the exportation of services to, the
areas of the Republic of Bosnia and Herzegovina that the Bosnian Serb
forces control.
EFFECTIVE DATE: May 10, 1996.
FOR FURTHER INFORMATION CONTACT: Steven I. Pinter, Chief of Licensing,
tel.: 202/622-2480, Dennis P. Wood, Chief of Compliance Programs, tel.:
202/622-2490, 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 and Facsimile 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 and type ``/GO FAC,'' or call 202/512-1530 for
disk or paper copies. This file is available for downloading without
charge in WordPerfect 5.1, ASCII, and Adobe AcrobatTM readable
(*.PDF) formats. For Internet access, the address for use with the
World Wide Web (Home Page), Telnet, or FTP protocol is:
fedbbs.access.gpo.gov. The document is also accessible for downloading
in ASCII format without charge from Treasury's Electronic Library
(``TEL'') in the ``Business, Trade and Labor Mall'' of the FedWorld
bulletin board. By modem, dial 703/321-3339, and select the appropriate
self-expanding file in TEL. For Internet access, use one of the
following protocols: Telnet = fedworld.gov (192.239.93.3); World Wide
Web (Home Page) = http://www.fedworld.gov; FTP = ftp.fedworld.gov
(192.239.92.205). Additional information concerning the programs of the
Office of Foreign Assets Control is available for downloading from the
Office's Internet Home Page: http://www.ustreas.gov/treasury/services/
fac/fac.html, or in fax form through the Office's 24-hour fax-on-demand
service: call 202/622-0077 using a fax machine, fax modem, or touch
tone telephone.
Background
On January 16, 1996, the Treasury Department suspended
prospectively sanctions imposed against the Federal Republic of
Yugoslavia (Serbia and Montenegro) (the ``FRY (S&M)''). Sanctions
against the Bosnian Serb forces and authorities and the areas of the
Republic of Bosnia and Herzegovina that they control were to remain in
effect until their troop withdrawal to agreed borders, consistent with
the General Framework Agreement for Peace in Bosnia and Herzegovina and
the Annexes thereto (collectively the ``Peace Agreement''), which was
initialled on November 21, 1995, and signed on December 4, 1995, and
with paragraph 2 of United Nations Security Council Resolution 1022 of
November 22, 1995 (the ``Resolution'').
On February 26, in keeping with paragraph 2 of the Resolution, the
United Nations Secretary-General transmitted to the Security Council
the report of the commander of the international force deployed in
accordance with the Peace Agreement stating that all Bosnian Serb
forces had withdrawn behind the zones of separation established by that
Agreement. Accordingly, the Office of Foreign Assets Control is
amending the Federal Republic of Yugoslavia (Serbia and Montenegro) and
Bosnian Serb-Controlled Areas of the Republic of Bosnia and Herzegovina
Sanctions Regulations, 31 CFR part 585 (the ``Regulations''), by adding
Sec. 585.527 to the Regulations to authorize prospectively those
transactions previously prohibited with respect to the Bosnian Serb
forces and authorities and entities organized or located in those areas
of the Republic of Bosnia and Herzegovina under their control; entities
owned or controlled directly or indirectly by any person in, or
resident in, those areas; and any person acting for or on behalf of any
of the foregoing. U.S. persons are also authorized to engage in
transactions involving the areas of the Republic of Bosnia and
Herzegovina under the control of the Bosnian Serb forces, and services
may be exported either from the United States or by U.S. persons to
those areas. Property and interests in property previously blocked due
to an interest of any person described in Sec. 585.201 remain blocked.
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
[[Page 24697]]
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 585
Administrative practice and procedure, Banks, banking, Blocking of
assets, Bosnia and Herzegovina, Foreign investments in United States,
Foreign trade, Penalties, Reporting and recordkeeping requirements,
Securities, Specially designated nationals, Transportation, Yugoslavia.
For the reasons set forth in the preamble, 31 CFR part 585 is
amended as set forth below:
1. The authority citation for part 585 continues to read as
follows:
Authority: 3 U.S.C. 301; 22 U.S.C. 287c; 49 U.S.C. App. 1514; 50
U.S.C. 1601-1651; 50 U.S.C. 1701-1706; E.O. 12808, 57 FR 23299, 3
CFR, 1992 Comp., p. 305; E.O. 12810, 57 FR 24347, 3 CFR, 1992 Comp.,
p. 307; E.O. 12831, 58 FR 5253, 3 CFR, 1993 Comp., p. 576; E.O.
12846, 58 FR 25771, 3 CFR, 1993 Comp., p. 599; E.O. 12934, 59 FR
54117, 3 CFR, 1994 Comp., p. 930.
Subpart E--Licenses, Authorizations, and Statements of Licensing
Policy
2. Section 585.527 is added to subpart E to read as follows:
Sec. 585.527 Authorization of certain new transactions with respect to
the Bosnian Serbs.
(a) Notwithstanding the provisions of subpart B of this part,
transactions and activities otherwise prohibited by Secs. 585.201(c)
(blocked property), 585.217(b) (entry of U.S. vessels into riverine
ports), 585.218(a) (insofar as that paragraph relates to trade in
Bosnian Serb-controlled areas of Bosnia and Herzegovina), and
585.218(b) (services to Bosnian Serb-controlled areas), are hereby
authorized on or after May 10, 1996, provided that no such transaction
results in a debit to an account blocked prior to May 10, 1996, or a
transfer of property blocked prior to May 10, 1996, unless such debit
or transfer is independently authorized by or pursuant to this part.
(b) The authorizations contained in this section do not eliminate
the need to comply with regulatory requirements not administered by the
Office of Foreign Assets Control, including aviation, financial and
trade requirements administered by other federal agencies.
Dated: April 23, 1996.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: May 2, 1996.
John P. Simpson,
Deputy Assistant Secretary (Regulatory, Tariff & Law Enforcement).
[FR Doc. 96-12227 Filed 5-10-96; 3:39 pm]
BILLING CODE 4810-25-F
