[Federal Register Volume 63, Number 215 (Friday, November 6, 1998)]
[Rules and Regulations]
[Pages 59883-59884]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-29789]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 585
Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian
Serb-Controlled Areas of the Republic of Bosnia and Herzegovina
Sanctions Regulations: Resolution of Claims Regarding Blocked
Montenegrin Vessel Accounts
AGENCY: Office of Foreign Assets Control, Department of the Treasury
ACTION: Final rule; amendment.
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SUMMARY: The Office of Foreign Assets Control is amending the Federal
Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb-
Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions
Regulations to authorize all transactions on and after December 7, 1998
with respect to bank accounts representing the proceeds of the sales of
the following two blocked vessels: the M/V KAPETAN MARTINOVIC and the
M/V BOR. U.S. persons are generally licensed to seek, obtain and have
served on these blocked accounts writs of attachment during the ten-day
period prior to the accounts' unblocking if their claims are not
settled with the vessels' owners or agents.
EFFECTIVE DATE: November 6, 1998.
FOR FURTHER INFORMATION: John T. Roth, Chief, Policy Planning and
Program Management Division (tel.: 202/622-2500), or William B.
Hoffman, Chief Counsel (tel.: 202/622-2410), Office of Foreign Assets
Control, Department of the Treasury, Washington, DC 20220.
SUPPLEMENTARY INFORMATION:
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[[Page 59884]]
Telnet, or FTP protocol is: fedbbs.access.gpo.gov. The document is also
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FedWorld bulletin board. By modem, dial 703/321-3339, and select self-
expanding file ``T11FR00.EXE'' 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.treas.gov/ofac, 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 (within the United States) a touch-
tone telephone.
Background
On April 18, 1997, the Office of Foreign Assets Control issued an
amendment to the Federal Republic of Yugoslavia (Serbia & Montenegro)
and Bosnian Serb-Controlled Areas of the Republic of Bosnia and
Herzegovina Sanctions Regulations, 31 CFR part 585 (the
``Regulations''), providing for the unblocking of the following five
vessels: the M/V MOSLAVINA, M/V ZETA, M/V LOVCEN, M/V DURMITOR and M/V
BAR (a.k.a. M/V INVIKEN) after 30 days (62 FR 19672, April 23, 1997).
Two previously blocked vessels, the M/V KAPETAN MARTINOVIC and the M/V
BOR, were sold pursuant to specific licenses and the proceeds of the
sales placed in blocked interest-bearing accounts at U.S. financial
institutions as substitute property for the blocked vessels.
The accounts representing the two vessels will also be unblocked
after 30 days. During this period, U.S. persons may negotiate
settlements of their outstanding claims with respect to the vessels
with the vessels' owners or agents. If claims remain unresolved by
November 27, 1998, U.S. persons are generally licensed to seek and
obtain judicial writs of attachment against the funds during the ten-
day period prior to the accounts' unblocking.
Since the Regulations involve a foreign affairs function, the
provisions of Executive Order 12866 and 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 585
Administrative practice and procedure, Banks, banking, Blocking of
assets, Bosnia and Herzegovina, Foreign investments in the United
States, Foreign trade, Penalties, Reporting and recordkeeping
requirements, Securities, Specially designated nationals,
Transportation, Vessels, 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 is revised to read as
follows:
Authority: 3 U.S.C. 301; 22 U.S.C. 287c; 31 U.S.C. 321(b); 49
U.S.C. 40106; 50 U.S.C. 1601-1651, 1701-1706; Pub.L. 101-410, 104
Stat 890 (28 U.S.C. 2461 note); 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 to Part 585--Licenses, Authorizations, and Statements of
Licensing Policy
2. Section 585.528 is amended by revising the section heading and
adding paragraph (d) to read as follows:
Sec. 585.528 Unblocking of certain vessels and accounts.
* * * * *
(d) All transactions with respect to blocked accounts held at
Whitney National Bank, New Orleans, Louisiana, containing the proceeds
of the sales of the M/V KAPETAN MARTINOVIC and the M/V BOR are
authorized as of December 7, 1998. All transactions
by U.S. persons to seek and obtain judicial writs of attachment against
the blocked accounts as substitute property for these vessels are
authorized as of 10:00 a.m. Eastern Standard Time, November 27, 1998.
Dated: October 7, 1998.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
Approved: October 15, 1998.
Elisabeth A. Bresee,
Assistant Secretary (Enforcement), Department of the Treasury.
[FR Doc. 98-29789 Filed 11-3-98; 1:59 pm]
BILLING CODE 4810-25-F
