[Federal Register Volume 59, Number 25 (Monday, February 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2738]


[[Page Unknown]]

[Federal Register: February 7, 1994]


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Part IV





Department of the Treasury





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Office of Foreign Assets Control



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31 CFR Part 500




Foreign Assets Control Regulations; Prospective Lifting of Vietnam 
Embargo; Final Rule
DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 500

 
Foreign Assets Control Regulations; Prospective Lifting of 
Vietnam Embargo

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule; amendment.

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SUMMARY: Pursuant to the President's announcement at 5:05 p.m. Eastern 
Standard Time, February 3, 1994, the Treasury Department is lifting 
prospectively the embargo against Vietnam and authorizing new 
financial, trade, and other transactions with Vietnam and Vietnamese 
nationals. This final rule does not unblock assets within U.S. 
jurisdiction blocked prior to this time, nor does it affect enforcement 
actions with respect to prior violations of the embargo.

EFFECTIVE DATE: 5:05 p.m. Eastern Standard Time, February 3, 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

    On February 3, 1994, President Clinton stated that he was lifting 
the trade embargo against Vietnam because he had determined that this 
step offered the best way to resolve the fate of American prisoners of 
war and missing in action. Accordingly, the Office of Foreign Assets 
Control (``FAC'') is amending the Foreign Assets Control Regulations, 
31 CFR part 500 (the ``FACR''), to add Sec. 500.578, authorizing new 
transactions involving property in which Vietnam or its nationals have 
an interest. The effect of this amendment is that transactions 
involving such property coming within the jurisdiction of the United 
States or into the possession or control of persons subject to the 
jurisdiction of the United States after 5:05 p.m. E.S.T., February 3, 
1994, or in which an interest of Vietnam or a national thereof arises 
after that time, are authorized by general license. Newly authorized 
transactions include, but are not limited to, importations from and 
exportations to Vietnam (not otherwise restricted), new investment, 
travel-related transactions and brokering transactions. Property 
blocked as of 5:04 p.m. E.S.T., February 3, 1994, remains blocked. 
Reports due under general or specific license must still be filed 
covering activities prior to the effective date of this rule.
    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, Foreign 
investments in U.S., Foreign trade, Securities, 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. 1-44; E.O. 9193, 3 CFR, 1938-1943 
Comp., p. 1174; E.O. 9989, 3 CFR, 1943-1948 Comp., p. 748.

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

    2. Section 500.578 is added to subpart E to read as follows:


Sec.  500.578 Authorization of new transactions concerning certain 
Vietnamese property.

    (a) Transactions involving property in which Vietnam or a national 
thereof has an interest are authorized where:
    (1) The property comes within the jurisdiction of the United States 
or into the control or possession of a person subject to the 
jurisdiction of the United States at or after 5:05 p.m. E.S.T., 
February 3, 1994; or
    (2) The interest in the property of Vietnam or a Vietnamese 
national arises at or after 5:05 p.m. E.S.T., February 3, 1994.
    (b) Unless otherwise authorized by the Office of Foreign Assets 
Control, all property and interests in property that were blocked 
pursuant to subpart B of this part as of 5:04 p.m. E.S.T., February 3, 
1994, and any income accruing thereon or proceeds arising therefrom, 
remain blocked and subject to the prohibitions and requirements of this 
part.

    Dated: February 3, 1994.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
    Approved: February 4, 1994.
John P. Simpson,
Deputy Assistant Secretary (Regulatory, Tariff & Trade Enforcement).
[FR Doc. 94-2963 Filed 2-4-94; 1:14 pm]
BILLING CODE 4810-25-F
[FR Doc. 94-2738 Filed 2-4-94; 8:45 am]
BILLING CODE 6450-01-U