[Federal Register Volume 59, Number 23 (Thursday, February 3, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2476]


[[Page Unknown]]

[Federal Register: February 3, 1994]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 550

 

Libyan Sanctions Regulations; Blocking of Offshore Foreign 
Currency Deposits.

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule; amendments.

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SUMMARY: Consistent with action by the United Nations Security Council 
calling upon member states to block certain financial assets of the 
Government of Libya, and in order further to tighten the U.S. blocking 
of Libyan governmental assets, the Office Foreign Assets Control is 
amending the Libyan Sanctions Regulations to revoke a general license 
that unblocked Libyan government deposits in currencies other than U.S. 
dollars held abroad by U.S. persons.

EFFECTIVE DATE: January 31, 1994.

FOR FURTHER INFORMATION CONTACT: Dennis P. Wood, Chief of Compliance 
(tel.: 202/622-2490), 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

    The Office of Foreign Assets Control (``FAC'') is amending the 
Libyan Sanctions Regulations, 31 CFR part 550 (the ``LSR''), to revoke 
Sec. 550.516, which unblocked, by general license, deposits in 
currencies other than U.S. dollars held by U.S. persons abroad, if 
otherwise blocked under the LSR. FAC's amendment is consistent with 
action by the United Nations Security Council in Resolution 883 of 
November 11, 1993. The Security Council determined in that resolution 
that the continued failure of the Government of Libya (``GOL'') to 
demonstrate by concrete actions its renunciation of terrorism, and in 
particular the GOL's continued failure to respond fully and effectively 
to the requests and decisions of the Security Council in Resolutions 
731 and 748, concerning the bombing of the Pan Am 103 and UTA 772 
flights, constituted a threat to international peace and security. 
Accordingly, Resolution 883 called upon member states, inter alia, to 
freeze certain GOL financial assets in their territories, and to ensure 
that their nationals did not make such funds or any other funds or 
financial resources available to the GOL or any entity owned or 
controlled by the GOL. In light of this resolution, FAC is revoking 
Sec. 550.516 to eliminate an exception that had existed to the 
comprehensive blocking of GOL property required by Executive Order 
12544 of January 8, 1986 (3 CFR, 1986 Comp., p. 183) and by the LSR.
    Because the LSR 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

    Administrative 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 follows:

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 E--Licenses, Authorizations, and Statements of Licensing 
Policy


Sec. 550.516  [Removed]

    2. Section 550.516 is revoked and removed.

    Dated: January 7, 1994.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
    Approved: January 10, 1994.
John P. Simpson,
Deputy Assistant Secretary (Regulatory, Tariff and Trade Enforcement).
[FR Doc. 94-2476 Filed 1-31-94; 3:29 pm]
BILLING CODE 4810-25-F