[Federal Register Volume 59, Number 116 (Friday, June 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-14726]
[[Page Unknown]]
[Federal Register: June 17, 1994]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 550
Libyan Sanctions Regulations; Definition of ``Government of
Libya''
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule; amendment.
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SUMMARY: This rule amends the Libyan Sanctions Regulations to remove
from the definition of ``Government of Libya'' a provision stating that
an entity will not be deemed a part of that government solely because
it is located in, organized under the laws of, or has its principal
place of business in, Libya, and to make an additional change to the
definition.
EFFECTIVE DATE: June 17, 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
This rule amends the Libyan Sanctions Regulations, 31 CFR part 550
(the ``Regulations''), to remove paragraph (b) from Sec. 550.304, the
definition of the term ``Government of Libya.'' Paragraph (b) of
Sec. 550.304 provided that a partnership, association, corporation, or
other organization shall not be deemed to be within the term
``Government of Libya'' solely by reason of being located in, organized
under the laws of, or having its principal place of business in, Libya.
In addition, former paragraph (a)(2) is revised to remove the word
``substantially,'' which was used to describe the extent of Libyan
government control of an entity required to qualify that entity as a
part of the Government of Libya, and to add the words ``directly or
indirectly'' to describe the nature of the governmental control.
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 550
Adminstrative 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 set forth below:
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 C--Definitions
2. Section 550.304 is revised to read as follows:
Sec. 550.304 Government of Libya.
The term Government of Libya includes:
(a) The state and the Government of Libya, as well as any political
subdivision, agency, or instrumentality thereof, including the Central
Bank of Libya;
(b) Any partnership, association, corporation, or other
organization owned or controlled directly or indirectly by the
foregoing;
(c) Any person to the extent that such person is, or has been, or
to the extent that there is reasonable cause to believe that such
person is, or has been, since the effective date, acting or purporting
to act directly or indirectly on behalf of any of the foregoing;
(d) Any other person or organization determined by the Secretary of
the Treasury to be included within this section.
Dated: May 31, 1994
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
Approved: June 3, 1994
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).
[FR Doc. 94-14726 Filed 6-13-94; 4:33 pm]
BILLING CODE 4810-25-F
